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Buy To Let mortgage market booms despite cloud over future lending

The prospect of lending restraints for landlords next year has done little to deter lenders offering a wide range of deals for investors seeking to borrow for Buy To Let purchases.

This week the Chancellor, George Osborne, told a parliamentary committee that the Bank of England is likely to regulate buy-to-let mortgages in the long-term, with a formal announcement coming later this autumn.

Even so, in recent days Aldermore Bank, Coventry Building Society and 3mc have all unveiled new mortgage rates for landlords.

Aldermore has released a new limited edition buy-to let remortgage product which includes five year fixed rates from 3.99 per cent interest up to 80 per cent Loan To Value, with the rental calculation based on the product pay rate. It has also reduced its reversion fees by 1% and introduced free legal fees on its standard range. This product is available to new business applications across Aldermore’s standard and specialist buy-to-let ranges and carries a 1.5 per cent completion fee.

Coventry Building Society has enhanced its five-year buy-to-let range for mortgages to includes a deal charging 3.35 per cent up to 65 per cent LTV. The mortgage has no booking fee and includes a valuation of up to £700 - but there are early repayment charges. 

Meanwhile Cheshire-based national packager and mortgage club 3mc has announced that it is trialling Foundation Home Loans’ new limited company buy-to-let product, ahead of a formal launch next month. The product covers a range of six fixed-rate options over two, three and five years starting at 4.19 per cent for two years up to 65 per cent LTV. Features include as allowing clients to purchase an existing property in a company name using a director’s loan.

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