More buy to let mortgage rate cuts despite inflation blow

Caz Blake-Symes • August 20, 2024

Adapted from a Property Data News article by Graham Norwood dated 16 August 2024


Yesterday’s inflation rise from 2.0% to 2.2% may have dealt a sharp blow to hopes of a Bank of England base rate cut in September, but lenders are still cutting their rates in a bid to woo landlords.


Paragon Bank has refreshed its range of buy-to-let mortgages, with 20 products reduced.


The refreshed range is offered at up to 75% loan-to-value (LTV) and features 3.00%, 5.00%, £2,995 and nil fee options available on products fixed over two and five-year terms.


Rates start at 4.60% on the lender’s two-year fix which is suitable for purchasing or remortgaging properties with EPC rating of A-C. Interest Coverage Ratios (ICRs) are calculated at initial rate plus two percentage points.


Five-year fixes are priced from 5.45%, also for homes rated EPC A-C, increasing by 5bps for properties with lower energy efficiency of EPC D or E. This £2,995 fee product is now available at up to 75% LTV, previously 65%, and for purchasing or remortgaging houses in multiple occupation (HMO) and multi-unit blocks (MUB). A 5.00% product is also available with rates fixed at 4.74% over five years.

ICRs on the five-year fixed rate mortgages are calculated at 5.00% on the products subject to a 5.00% fee and aligned to initial rates on the £2,995 and nil fee options.


The products are available for individual and limited company applications in England, Scotland and Wales, and include a free mortgage valuation.


Paragon Bank’s mortgages managing director, Louisa Sedgwick, says: “An improving economic outlook gives us the opportunity to carry out a positive refresh of our range, taking up to 20 bps off 20 products. We’ve also simplified our offering, and borrowers can choose from deals with nil product fees, percentage fees or a flat fee of £2995.

 

"This provides some attractive options for landlords, such as our £2995 fee product, which has no maximum loan cap so is available for loans up to £4m on SSC/HMO/MUB properties. This is a great choice for larger loans and will appeal to a greater proportion of landlord’s now we have raised the LTV to 75%.”


Meanwhile LendInvest Mortgages has launched its lowest BTL rates of the year, starting from 3.69%. These show a discount of up to 10 basis points.


The lender claims the new products are designed to cater to both first-time landlords and experienced portfolio managers, offering up to 80% LTV and available to individuals and limited companies, and cover HMOs with up to 15 bedrooms and multi-unit freehold blocks (MUFBs) with up to 10 units.


Sophie Mitchell-Charman, commercial director at LendInvest, says: “Our new mortgage rates are designed to provide immediate financial benefits to landlords, helping them manage their portfolios more effectively. Whether they are first-time landlords or managing larger, more complex portfolios, our tailored products offer flexibility and support to meet their unique needs.”


Regardless of the size of your property portfolio, please come and talk to any of our expert Advisers. As fully Independent Brokers we have access to a huge range of mortgage deals. Many of the lenders offering products to investors only deal with Intermediaries like us.


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