New Mortgage Products for Landlords: Competitive Rates and Flexible Terms
Three prominent buy-to-let (BTL) lenders have unveiled innovative mortgage options specifically designed for landlords, featuring attractive rates and adaptable terms to suit varying needs.
Fleet Mortgages Introduces New Fixed-Rate Options
Fleet Mortgages has launched three new two-year fixed-rate mortgages with a 65% loan-to-value (LTV) ratio as part of its Standard borrower range. Each of these products comes with appealing features that include:
- £1,000 cashback
- No application fee
- Free valuation for properties valued up to £500,000
These BTL products offer different fee structures. Landlords can choose from:
- A 3% fee (minimum £750) with a 3.49% rate
- A zero-fee option at 5.09%
- A fixed fee of £1,999 with a 4.54% rate
All options have a maturity date set in February 2028, and the minimum loan size starts at £25,000, with a cap of £750,000 for the fixed-fee product.
Steve Cox, Fleet’s Chief Commercial Officer, stated, “We’re pleased to introduce these new 65% LTV, two-year fixes that offer varied fee structures. This allows advisers to select the best option for their clients based on their preferences—be it a higher fee for a lower rate or a zero-fee alternative.”
Market Financial Solutions Targets Portfolio Landlords
In a bid to streamline finances for larger landlords, Market Financial Solutions (MFS) has launched its Fusion Premier range. This product line is designed for portfolio landlords wishing to consolidate multiple loans into a single, efficient solution.
Derived from the existing Bridge Fusion offerings, these products cater to residential properties with loan amounts ranging from £20 million to £65 million, and individual property values capped at £4 million. Available up to 70% LTV, the loans feature:
- A 24-month term with an optional 12-month extension
- Emphasis on speed and flexibility
MFS Chief Executive Paresh Raja commented, “Landlords with extensive portfolios often face challenges when attempting to consolidate various BTL mortgages or bridging loans. The Fusion Premier range aims to alleviate this issue, providing large loan solutions while maintaining our trademark speed and flexibility.”
TMW Reduces Rates for New and Existing Customers
The Mortgage Works (TMW) is also enhancing its offerings by reducing rates on selected two- and five-year fixed-rate products for both new and existing clients. Key updates include:
- Rate cuts of up to 0.15% for limited company BTLs and standard BTL products.
For limited company buy-to-let mortgages, new customers can secure:
- A two-year fixed-rate mortgage at 3.87% (down 0.12%) with a 3% fee
- A five-year fixed-rate mortgage at 4.52% (down 0.15%) with a 3% fee
Both options allow for loans up to 75% LTV and include a free valuation.
Existing customers will benefit from a five-year fixed-rate switcher mortgage at 5.09% (down 0.10%), also available up to 75% LTV with no fee.
For standard BTL options, new clients can acquire:
- A two-year fixed-rate mortgage at 2.74% (down 0.05%) with a 3% fee up to 65% LTV
- A five-year fixed-rate mortgage at 3.76% (down 0.14%) with a 3% fee up to 75% LTV
Existing customers are eligible for a two-year fixed-rate switcher mortgage at 4.49% (down 0.05%) with no fee, up to 65% LTV.
Joe Avarne, TMW’s Senior Manager, remarked, “These reductions reflect our ongoing commitment to provide competitive mortgage rates, ensuring that The Mortgage Works remains top-of-mind for landlords.”
Conclusion
With innovative mortgage products coming from Fleet Mortgages, MFS, and TMW, landlords are presented with a range of competitive options to suit their financial strategies. Whether it’s managing multiple properties or seeking cost-effective solutions, these offerings ensure that BTL landlords can navigate their financing options more effectively.
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By optimizing these lending options for landlords, these institutions are paving the way for more accessible and efficient property investment opportunities.
