More buy to let lenders are rolling out changes to their BTL and commercial mortgage offerings, increasing loan sizes, reducing rates and introducing tailored products.
Together has expanded its commercial loan offerings, boosting maximum loan sizes to £5 million for commercial term products, with loan-to-value (LTV) ratios set at 70% for purchases and 65% for remortgages.
The lender has also raised its BTL loan ceiling from £2.5 million to £4.5 million, while non-standard property LTVs across both commercial and personal finance products, including first and second charge mortgages, have increased from 60% to 65%.
Together’s director of intermediary sales, Tanya Elmaz, said: “We are committed to constantly innovating our product range to enable us to serve increasing numbers of brokers and customers.
“Through increasing our maximum loan sizes, we are able to offer our award-winning flexible-criteria products, alongside our speed of service, to even more customers.”
Moda cuts BTL rates
ModaMortgages has also made waves by repricing its BTL range, cutting rates by up to 40 basis points on selected standard products.
Two-year fixed rates now start at 3.19%, while five-year fixed rates begin at 4.79%.
The lender has introduced specialised products for small houses in multiple occupation (HMO) and multi-unit freehold blocks (MUFB), with rates starting at 3.29% for two-year fixes and 4.89% for five-year fixes.
These products, available to individual and limited company landlords, include free valuations and no application fees.
TML lowers rates
Shawbrook, through its subsidiary The Mortgage Lender (TML), has lowered rates on its five-year fixed BTL products for standard individual and limited company borrowers.
Rates for these products with a 5% completion fee now start at 4.41%.
Shawbrook’s commercial director, Steve Griffiths, said: “Looking ahead, we are eager to continue to deliver a competitive selection of products to support landlords.”
HSBC offers best BTL deal
Meanwhile, HSBC has secured a top spot in the BTL market with its two-year fixed rate mortgage at 60% LTV, priced at 4.29% until 31 August 2027.
This deal, which includes no product fee, a free valuation and overpayment flexibility, has earned an Outstanding Moneyfacts product rating.
Caitlyn Eastell of Moneyfactscompare.co.uk said: “HSBC has reduced most of its fixed rates for landlords by up to 0.25% this week.
“The two-year deal at 60% loan-to-value has seen a smaller 0.20% cut and is now priced at a competitive 4.29% until 31 August 2027.”
Contact one of our highly experienced mortgage advisors today on 0121 500 6316 to discuss your mortgage needs.
