Round-up of the latest residential and buy to let criteria changes
Over the last two weeks, several residential and buy to let lenders have cut their rates and fees.
We’ve rounded-up the key changes below. If you need assistance placing and processing business then call our whole of market Mortgage & Protection Advisers on 01702 538 800 or arrange a callback.
The lender announced today that it will slash residential mortgage rates by up to 0.8% across their debt management plan product range.
- New rates from 3.39%
- New lender fee reduced by £500 on selected products
- Suitable for clients with active DMPs and those satisfied < 36 months ago
- LTV up to 75%
- Satisfied DMPs > 36 months old accepted on standard product range
Plus, new remortgage products launched with no product fee, free legals and refund of valuation fee (max £630).
Launched today! Buy to let and let to buy two-year fixed rate and tracker products:
- reduced by 0.20% (up to 60% LTV)
- reduced by 0.10% (up to 75% LTV)
As you may have seen in last week’s email update, Pepper are now available to Ingard Members direct or via our Specialist Team. Last Friday the lender refreshed their buy to let range, improving affordability across the board.
Rental calculations at 140% x Pay Rate on the five-year range:
- 140% @ 4.18% (70% LTV)
- 140% @ 4.38% (75% LTV)
- 140% @ 4.63% (80% LTV)
Rental calculations at 140% x the higher of Reversion Rate or Pay Rate plus 2% on the two-year range:
- Up to 70% LTV two-year fix from 3.38% (140% x 5.51%*)
- Up to 75% LTV two-year fix from 3.58% (140% x 5.58%)
- Up to 80% LTV two-year fix from 3.83% (140% x 5.83%)
* This rate has been rounded up to 2 decimal places and is based on LIBOR + 3.13%
Last week, Vida reduced rates and fees across their buy to let range.
Product fees cut:
- by £500 for loans up to £250k (now £1495)
- 0.25% fee reduction for loans over £250k (now 1.25%)
Significant rate reductions:
- two-year tracker and five-year fixed reduced by up to 0.95%
- two-year fixed rates down by as much as 1.15%
- rates start from 3.49%
Accord Buy to Let
Last week, Accord enhanced their buy to let product range, cutting selected rates and launching a new 3 year house purchase deal.
- New three-year deal at 60% LTV with £950 fee on purchases
- Selected 65% LTV products cut by up to 0.30%
- Selected 75% LTV products cut by up to 0.22%
Call our Specialist Team on 01702 538 800 for guidance on the best rates and criteria available or complete one of the below short forms: