Moneyfacts the independent finance research company, have reported that 283 more products have been added to lenders’ buy-to-let ranges.
There are now 134 more 2-year fixed products available in the BTL sector than there were at the start of May 2020, and 164 more 5-year fixed rate products.
Unsurprisingly, the overall buy-to-let finance market is still far below the levels seen in January, when 2,583 products available, and March (2,897).
Average rates remain competitive, especially when compared to January.
The average rate for 2-year fixed rate mortgages on 1 July was 0.21% less than at the start of this year, while the 5-year fixed rate has fallen by 0.22% over the same time period.
Eleanor Williams, finance expert at Moneyfacts.co.uk, said: “The shock of the coronavirus pandemic and its resultant effects has been the latest event to impact the beleaguered buy-to-let mortgage market, following on from a number of changes over recent years that affected stamp duty, interest relief and capital gains tax.
Original article featured here.
Matt Lenzie from Commercial Mortgages Broker said: “it’s great to see the volume of buy to let finance products continuing to increase, hopefully this demonstrates the continued confidence of lenders in this marketplace. Here at CMB, we have seen significant volumes of enquiries since lockdown has been lifted, and we expect this trend to continue in the short to medium term.”
A recent demonstration of buy to let products coming back into the marketplace is where Accord have re-launched their 80% LTV buy-to-let range.
The intermediary lender reintroduced products up to 90 per cent LTV last month.
It is now returning to offering its full range of buy-to-let LTV products for brokers with landlords wanting to remortgage or purchase.
New products will be launched at 8am on Friday 5 June to support the changes.
Remortgage products include:
- Two-year fixed rate at 2.76% at 80% LTV with £950 product fee, free standard valuation and either £250 cashback or Accord’s re-mortgage legal service included
- Five-year fixed rate at 3.20% at 80% LTV with £950 product fee, free standard valuation and either £250 cashback or Accord’s remortgage legal service included
Purchase products include:
- Two-year fixed rate at 2.89% at 80% LTV with £950 product fee, free standard valuation and £500 cashback
- Five-year fixed rate at 3.25% at 80% LTV with £950 product fee, free standard valuation and £500 cashback
Accord Mortgages director of intermediary distribution Jeremy Duncombe says: “Not only have we been able to re-launch our 80 per cent LTV range, but we’re offering a very competitive choice of products to landlords with smaller deposits.”
This was reported here: https://www.mortgagestrategy.co.uk/news/accord-brings-back-80-ltv-buy-to-let-products/