As the Bank of England reports residential mortgage lending has hit the highest level in more than five years, buy to let lenders have made little changes in rates and deals for landlords. December was the busiest month for mortgages since January 2008, with 71,638 loan applications rubberstamped by lenders. The Mortgage Works, the buy to let lending arm of the Nationwide, has reacted with a revamp of rates and offers for buy to let landlords.
These new deals hit the market from the lender:
- 3.64% fixed for two years at 75% loan to value (LTV) with a £1,995 arrangement fee
- 4.99% fixed for five years at 75% LTV with a £995 arrangement fee
- A lifetime variable at 75% LTV with a £995 arrangement fee
All the loans are available to established as well as new landlords.
The Mortgage Works managing director Henry Jordan said: “TMW is now expanding on its range of competitive fixed and variable rate buy to let products, which is great news for both experienced and first-time landlords and for those customers looking to better their standard variable rate.
“The new longer term three and five year fixed rate products can offer landlords greater payment security, whilst the new two year fixed rate products provide more choice for landlords, especially those with larger loan requirements. These changes further demonstrate our steadfast commitment to supporting landlords in the buy to let sector.”
The Leek Building Society has a 75% LTV buy to let mortgage with no upper age limit for borrowers. The deal is a 3.99% two year 1.2% discounted variable with a £199 booking fee. The building society does not want to lend on flats, shared houses in multiple occupation, student or DSS lets, but will consider portfolios of up to 20 buy to let homes. Properties must be in England or Wales.
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