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.
NatWest, Landbay and Molo Announce New Buy-to-Let Rate Reductions
NatWest, Landbay and Molo have announced reductions to their buy-to-let mortgage rates, joining other lenders making similar moves this week. The changes affect a range of products for both individual and limited company landlords.
NatWest has reduced rates on its existing customer product range, with the changes effective from 9 July. No further details about the specific products or rates have been announced at this time.
Landbay has made further cuts of 5 basis points to 18 Premier products. These products include five-year fixed-rate options available up to 75% loan-to-value (LTV) for both purchase and remortgage, including AVM and product transfer options. The Premier range covers standard and HMO products for borrowers with up to 15 mortgaged properties, and is available to both individual and limited company landlords.
The new rates for Landbay’s five-year fixed products with no fee are available at 5.4%, with no fee rates starting from 4.4%. Remortgage AVM five-year fixes with a 1% fee are now available at 5.2%, and with a 5% fee at 4.4%. Remortgage free valuation five-year fixes with zero fee are now available at 5.44%, and with a 5% fee at 4.44%. Product transfer five-year fixes with a 1% fee are now available at 5.29%, and with a 5% fee at 4.49%.
Landbay also recently launched a two-year tracker product transfer option within the Premier range, with no early repayment charges (ERCs), available up to 75% LTV. This product comes with a 3% fee and is priced at Bank Base Rate plus 0.44%.
Molo has reduced rates by 10 basis points across its UK residential two- and five-year buy-to-let range. Two-year fixed rates for standard buy-to-let products now start at 2.85% at 75% LTV, while five-year fixed rates are available from 4.55%. These reduced rates are available to both individuals and limited company landlords.
These changes may be relevant for letting agents and inventory clerks working with landlords seeking new or remortgage buy-to-let products.
Source: Mortgage Strategy