Lenders unleash series of buy-to-let deals

The buy-to-let mortgage market is on course for a busy end to a successful year as lenders jostle to bring more products to market.
Aldermore Bank, Coventry Building Society and 3mc have all unveiled new mortgage rates for landlords.

Aldermore has released a new limited edition buy-to let remortgage product which includes its lowest ever five-year buy-to-let fixed rate. Its range includes five-year fixed rates from 3.99 up to 80% LTV, with the rental calculation based on the product pay rate. It has also reduced its reversion fees by 1% and introduced free legal fees on its standard range. This product is available to new business applications across Aldermore’s standard and specialist buy-to-let ranges and carries a 1.50% completion fee.

Group managing director Charles Haresnape said: “There has never been a better time to take advantage of historic low interest rates, and our new limited edition offering is available on a first come first served basis.”

Coventry Building Society has enhanced its five-year buy-to-let range for mortgages to include a deal charging 3.35% to 65% LTV. The mortgage is booking fee free and includes a valuation of up to £700. The deal has early repayment charges of 5% to 31.01.17, 3% to 31.01.19 and 1% until 31.01.21.

Cheshire-based national packager and mortgage club 3mc has announced that it is trialling Foundation Home Loans’ (FHL) new limited company buy-to-let product, ahead of a formal launch in November. The product covers a range of six fixed-rate options over two, three and five years starting at 4.19% for two years up to 65% LTV. Features include as allowing clients to purchase an existing property in a company name using a director’s loan.

Doug Hall, managing director at 3mc, said that a limited company buy-to-let is already an important option for landlords.

“The effect of the Chancellor’s move to restrict tax relief will accelerate the need for more established landlords to look carefully at how they best manage their portfolios in a way that continues to maximise rental yields and minimise costs.