There are more fresh offerings in the UK’s buy to let mortgage sector as lenders roll out competitive products tailored for landlords.
Lloyds Bank, Aldermore and ModaMortgages have introduced new deals that cater to a range of property investors, from those managing single dwellings to portfolios with multiple units.
Lloyds Bank has been highlighted as a BTL deal of the week by Moneyfactscompare.co.uk after it trimmed rates across its fixed-rate mortgage line-up for landlords.
There’s a standout five-year fixed deal at 4.31% for second-time buyers at 70% loan-to-value.
This product, available until November 2030, carries no fee and includes a free valuation, making it a cost-effective choice.
Best Buy for a BTL mortgage
Caitlyn Eastell, a spokesperson at Moneyfactscompare.co.uk, said: “For second time buy to let property buyers, the five-year fixed rate at 70% loan-to-value has seen a slightly smaller 0.06% cut and is now priced at 4.31% until November 2030.
“This may be enticing for landlords looking to keep costs low as the deal remains fee-free and keeps its free valuation incentive.
“This product maintains its competitive position as a ‘Best Buy’ and earns an Outstanding Moneyfacts product rating.”
The mortgage also allows overpayments and covers properties across Great Britain and Northern Ireland.
Aldermore offers a limited edition
Aldermore has also entered the fray with limited-edition five-year fixed mortgages for both individual and company landlords.
Its single residential property deal offers a 4.34% rate at 75% loan-to-value with a 5% fee, while its multi-property product comes in at 4.29% with the same loan-to-value and fee structure.
These launches follow Aldermore’s recent efforts to refine its offerings, including relaxed criteria for houses in multiple occupation (HMOs) and free valuations for single HMOs with up to six bedrooms.
Jon Cooper, the director of mortgages at Aldermore, said: “We continue to passionately back our brokers and their clients.
“This sits at the very heart of our lending business and good landlords are a major part of that client base.
“We’re always looking for ways to offer them better value and make clever criteria tweaks where we can, so they can manage their portfolios effectively and provide a positive service for their tenants.”
ModaMortgages expands BTL range
Meanwhile, ModaMortgages has eight new limited-edition products at 80% loan-to-value, targeting landlords wanting higher borrowing ratios.
Its single dwelling range includes two-year fixed rates starting at 4.54% and five-year options from 5.34%, with a choice of a 3% or £1,999 fee.
For small HMOs and multi-unit freehold blocks (MUFBs), rates begin at 4.64% for two years and 5.44% for five years, with the same fee options.
Loans are capped at £750,000, subject to affordability, and free valuations are provided.
Darrell Walker, group sales director at ModaMortgages, said: “In a market limited on options above 75% LTV, we’re delighted to be able to raise the roof with products up to 80% LTV with fee options.
“With a choice of either a 3% or £1,999 fee, these products are designed for landlords looking to pay more upfront to benefit from lower fees further down the line and could be ideal for those wanting to raise capital for property improvements or remortgaging after changes.”
Contact one of our highly experienced mortgage advisors today on 0121 500 6316 to discuss your mortgage needs.
