Our changes include:
- 75% LTV five-year fix now at 3.24% reduced by 10 basis points – which comes with a 2% fee.
- ‘ERC-3’ product now fixed for 5 years at 3.59% (10 basis points reduction) with early repayment charges only for the first three years.
- 65% LTV five-year fixes at 3.14% with a 2% fee, and a large loan option at 2.99% with a 2.25% fee and a maximum loan of £2m. Again, both reduced by 10 basis points.
- Early remortgage 75% LTV five-year fix at 3.39%, down from 3.49%, also with a 2% fee.
We have also cut the rate on our recently launched five year fixed Green Reward Remortgage, down to 3.59% from 3.65% at 75% LTV and a maximum loan size of £1m, and introduced a new 65% LTV version of the product, available at 3.49%, allowing a larger maximum loan size of £1.5m. Both come with £750 cashback on completion plus a reduced fee of 0.75%.
The Green Reward five year fixed rate mortgages for landlord borrowers are available on those private rental sector properties which have an Energy Performance Certificate (EPC) rating of ‘C’ or above – dated within the last 12 months, except for listed properties which are not eligible.
The five year fixes are available to both individuals as well as limited company borrowers, and our ICR is calculated using the pay rate on 5-year fixes at only 125% for limited companies and basic rate taxpayers and 145% for others. There is no limit on the background portfolio size of the borrower, subject to a maximum £3m.
George Gee, Our Commercial Director, said:
“These rate cuts to some of our most popular five-year fixes are designed to support advisers and their landlord clients, particularly if they are looking for a more generous loan amount; the cuts of 10 basis points make these even more competitive and will enhance our core range supporting those landlords looking to add to their portfolio or to remortgage to an excellent rate.
“On top of this, and as a direct result of the popularity of our new Green Reward Remortgage which supports those landlords improving their properties and their EPC rating, we have been able to cut the rate on our original 75% LTV rate, and introduce a new 65% LTV offering which comes with an improved maximum loan amount of £1.5m.
“As always, our aim here is to support landlord borrowers with competitive products, flexible criteria and underwriting expertise, along with our adviser partners as they seek to grow their buy to let advice businesses.”
FOR INTERMEDIARIES ONLY