Rates and fees are falling in the Buy To Let market. On top of that they are falling fast. This last week has brought a true barrage of fantastic news to landlords as competition has forced several lenders to slash their fees and push rates as low as 3.25% for some applicants. Not only that but variety and choice are returning for landlords as the total number of products available is up by almost twenty five percent on last year.
The Big Movers: Buy To Let Rate Cuts
The biggest mover to cut rates across their buy to let range was BM Solutions. Their rates fell five days ago by as much as 0.3% in some instances. This is a significant cut at a time when many residential products have seen rates moving upwards. This shows the huge potential lenders see in the buy to let market and the increasing competition this perceived opportunity presents.
This means that their higher loan to value products now start at just 4.8% and with their flexible underwriting combining with an appealing 5.15% five year fixed many landlords will be interested in their offering. For full product details and rates complete the form below and ask for a quotation on BM Solutions buy to let products.
After A Shaky Start Woolwich Join The Battle With Fee Cuts
Woolwich has had a rocky return to the buy to let lending market. Service issues led to a prompt product withdrawal after a blast of interest in their new range quickly overwhelmed them as we moved to the end of 2011. They returned with an interesting product range which has once again attracted a good volume of business and with their mid range fee dropping by £500 it’s sure to lead to more volumes and put some pressure on other lenders. The fees in the buy to let arena are still higher than in other parts of mortgage lending and it would seem to be the most likely area for competition to really start to take hold.
More Opportunities For Landlords
The longer term nature of the current base rate hold and the reducing fees on fixed rate products is providing landlords with a much greater opportunity to move off uncompetitive standard variable rates onto something that offers them long term security – locking in their rental profits for a more certain period. With this in mind if you want to get an up to date competitive quotation on your next buy to let purchase or a remortgage of your existing products onto a more competitive rate – complete the form below now.