10 year fixes for Buy to Let Mortgages

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Buy to let property investors who want the peace of mind of a ten-year fixed rate mortgage can bring amid fears over the economy and Brexit uncertainty now have several options.

Virgin Money have launched a fresh selection of ten-year fixed rate buy to let mortgages with rates starting from 2.46 per cent up to 60 per cent loan to value (LTV) with a £1,995 fee and 3.99 per cent up to 75 per cent LTV with no product fee. Virgin are the only lender currently offering up to 75% LTV on a fix of this term.

Meanwhile, Leeds Building Society has also launched a range of ten-year fixed rate buy to let products.

Products start from 2.49 per cent up to 60 per cent LTV and 3.29 per cent up to 70 per cent LTV. Both products have a £999 product fee and come with a free standard valuation and fees assisted legal services.

The Mortgage Works also has 10 year fixed products (rates from 2.74%) but with a maximum of 65% LTV. However one of their products, whilst at a fixed interest rate of 3.24% for 10 years, has no early repayment charges after 5 years. TMW’s 10 year fixes have £1,995 product fee and offer free standard valuations and cashback.

Virgin Money is also offering a new seven-year fix rate deal from 2.36 per cent at 60 per cent LTV with a £1,995 product fee, as well as a 3.24 per cent seven year fix at up to 75 per cent LTV with a £995 fee.

Zephyr Homeloans

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Zephyr Homeloans, a relatively new Buy to Let specialist lender, announced reduced interest rates across its product range. Highlights include:

  • Rates from 2.49%
  • New 7 Yr. Fixed Rates available from 3.30%
  • 5 Yr fixed rental stress from 125% at pay rate
  • Maximum age 95 at completion of mortgage
  • HMO’s to 6 bedrooms
  • MUFB’s up to 6 units
  • Unlimited background portfolio
  • Flats above commercial considered

Residential Mortgages for Landlords from Paragon Mortgages

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Paragon Mortgages have introduced a range of Residential Mortgages aimed at landlords who are

  • Seeking an owner occupied mortgage
  • Self Employed
  • Have complex income arrangements
  • Looking to borrow into retirement
  • Require interest only terms

Fixed rates start at 3.45%

Please contact Pav or David for more information.

Cashback from Keystone Mortgages

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Keystone Mortgages have introduced a cashback offer on their entire Buy to Let mortgage range – both purchases and remortgages. Cashback will be £750 on loans up to £250,000, and  £1,250 on loans between £250,001 and £1m. Available on standard and specialist mortgage ranges for both individuals and limited companies. Contact David or Pav for further information.

Hampshire Trust increases minimum loan to £200k

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In announcing an increase in the minimum loan amount from £100k to £200k, Hampshire Trust remarked ‘We continue to expand and diversify our products and proposition and are the lender you can rely on for genuinely specialist funding solutions. As a reminder, we currently lend on complex requirements including portfolio landlords, holiday lets, HMOs, semi-commercial, serviced accommodation, sitting tenants, new build flats and purpose-built student accommodation. We also lend to foreign nationals, expats as well as trust and offshore borrowers’. ibmco welcomes enquiries in these specialised fields as well as more straightforward residential and Buy to Let mortgages.

5 year fix with 3 year tie-ins – is this a new trend?

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The flexibility for Buy to Let mortgage borrowers of being able to fix an interest rate for 5 years whilst only having early repayment penalties for 3 years is to be welcomed. But does the fact that 3 lenders now offer such products suggest this may be more than a passing marketing ploy? Precise Mortgages, The Mortgage Lender and Foundation Homeloans all have 5 year fixes with 3 year tie-ins including products for individuals and limited companies, and products for standard, HMO and multi-unit properties. Enquiries welcomed.

One Savings Bank and Chartercourt Financial to merge

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One Savings Bank Group and Chartercourt Financial Group have agreed to a merger it has been announced. The transaction now requires approvals by shareholders and regulators before it becomes final. One Savings Bank includes well-known Buy to Let and Residential mortgage lender Kent Reliance as well as Commercial and Semi-commercial lender Interbay, while Chartercourt will be best known for its Precise Mortgages Buy to Let mortgage brand.

Residential Mortgages up to £2m from Precise Mortgages

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Precise Mortgages extended its range of residential mortgages over £1m and up to a maximum of £2m with rates from 3.09% for these Large Loans. This is in addition to the normal range of mortgages for amounts below £1m which includes ranges for Prime, almost or near Prime, Debt Management Plan, Help to Buy and Right to Buy applicants. Enquiries welcome.