Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Molo, Zephyr Homeloans, and The Mortgage Works (TMW) have announced changes to their buy-to-let (BTL) mortgage product ranges, with several rate increases and adjustments set to take effect.
Molo will increase its UK resident buy-to-let two-year fixed rates from tomorrow. The lender’s standard BTL two- and five-year fixed rates will start from 3.21% and 4.99% respectively. Specialist BTL two-year fixed rates will start from 3.31%, while five-year fixes in the specialist range will start from 5.09%. Molo’s existing product range will be withdrawn at midnight tonight.
Zephyr Homeloans will reduce rates on its large HMO (House in Multiple Occupation) and MUFB (Multi-Unit Freehold Block) lifetime tracker products by 25 basis points. These tracker products, available on properties up to 12 bedrooms or units, will start from 5.74% and do not carry early repayment charges. At the same time, Zephyr will reprice its fixed rate range, increasing fixed rates across the range by 20 basis points in response to recent movements in swap rates.
The Mortgage Works will also make selected rate increases across its new business and switcher product ranges, effective from tomorrow.
These changes may impact letting agents and inventory clerks working with landlords who are considering new buy-to-let mortgage products or reviewing existing arrangements.
Source: Mortgage Strategy