planning

23 Apr 24

There’s been a bevvy of buy to let mortgage deal changes this week.

Shawbrook has made a series of reductions across its complex and limited edition BTL products, with some reduced by as much as 30 bps.

As part of the repricing, loans between £1m and £5m now feature a reduced rate of 6.34% for both five and 10-year fixed loans at 65% loan to value, and a 30 bps reduction to 6.44% for 75% LTV. 

Three-year fixed rates have dropped to 6.49% at 65% LTV and 6.59% at 75% LTV, whereas two-year fixed loans have been reduced to 6.54% at 65% LTV and 6.64% at 75% LTV.

And cuts have been made to the limited edition complex BTL product. The changes also apply to loans between £1m and £5m across two and five-year terms, with five-year fixed-term loans reduced to 5.84% at 65% LTV, and 5.94% at 75% LTV. 

Two-year fixed-term rates have been lowered to 5.44% at 65% LTV and 5.54% at 70% LTV (the max LTV available for a two-year fixed-term loan).

Now on to CHL Mortgages, which has enhanced its product range for landlords by introducing a 3.5% product fee option available across all LTV bands. This new option complements existing fee structures of 2%, 5%, and 7%.

The range now includes varying interest rates starting at 3.20% for standard buy-to-let properties and 3.22% for HMO/MUFB properties, applicable to two-year fixed terms with up to 55% LTV and a 7% product fee.

On top of that, five-year fixed terms begin at 4.55% for standard properties and 4.62% for HMO/MUFB properties.

Meanwhile United Trust Bank Mortgages has extended its residential and BTL range to include new builds.

The move follows a significant recent reprice, with interest rates starting from just 4.84% for BTL and 5.99% for residential mortgages, and a restructure and widening of its credit criteria with new acceptable adverse rules across its entire range, catering for wider customer needs.

With evidence of an appropriate new build warranty or certificate, UTB will now accept off-plan purchases, subject to re-inspection before completion, as well as maximum 5% new build incentives, including builder’s deposit.

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