Multiple buy-to-let lenders refresh ranges to attract more landlords

Metro Bank, Fleet Mortgages and the Mansfield have all refreshed their buy-to-let propositions – in what’s becoming a busy month for lender changes.

Metro has increased its maximum loan sizes for 75% loan-to-value buy-to-let mortgages from £750,000 to £2m.

Charles Morley, director of mortgage distribution at Metro Bank, said: “In recent months we’ve increased several of our maximum LTVs, reduced rates and also cut the stress test rate we apply on loans up to 75% LTV.”

Fleet Mortgages has cut a selection of its buy-to-let rates, as 5-year fixes to 75% LTV have been reduced from 3.09% to 2.99%. On House in Multiple Occupation (HMOs) and Multi-Unit Freehold Blocks (MUFB) 2-year fixes now cost 3.09% to 75% LTV, down from 3.19%. The 65% LTV products on HMOs and MUFBs have been discontinued.

Steve Cox, chief commercial officer at Fleet Mortgages, said: “It’s important for us to start the year with intent, and therefore we are very pleased to be able to reprice a number of two- and five-year fixes, across all three of our core ranges.

“We’ve undoubtedly seen a growth in demand and interest for five-year fixed-rate options and we’ve been able to respond by cutting rates by up to 10 basis points for these in both our standard and limited company/LLP ranges.”

Mansfield Building Society meanwhile has reduced rates and introduced four buy-to-let products.

The new mortgages are to 75% LTV and applicants have the option of 2 or 3-year fixed rates or discounts. The 75% LTV 3-year discount is priced at 2.29%.

Tom Molloy, intermediary sales manager, said: “As a lender with an individual underwriting approach, we embrace diverse circumstances as much as possible.

“We have become increasingly used to certain lending types, and can therefore be more accommodating in how we price limited company with a personal guarantee, consumer and standard buy-to-let lending.

“This particularly means that our lending for SPV limited companies has become more competitive and we’re keen to grow our business and reputation in this area.

“For brokers with these types of buy to let clients, our individual approach can make a real difference in enabling them get on with their property plans, whether it’s a standalone new venture, expanding or even upgrading an existing portfolio.”

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