New buy to let deals unveiled by four lenders

Property118

New buy to let deals unveiled by four lenders

Four buy to let lenders have announced a raft of mortgage changes including a 4.19% two-year tracker and a 4.74% limited-edition five-year fix.

Commercial cases are in the mix too as InterBay cuts owner-occupier rates by up to 40 basis points, while Coventry for intermediaries has reduced selected BTL rates by up to 16 basis points.

The Mortgage Works has introduced three two-year tracker products for new and existing buy to let customers, each available up to 65% loan-to-value (LTV) with a 1% fee.

Its purchase and remortgage tracker, with a free valuation, is priced at 4.19%.

A remortgage-only version with a free valuation and free legal work is available at 4.29%, while an existing customer switcher product is priced at 4.19%.

The lender has also cut selected two-, three- and five-year fixed rates by up to 0.15 percentage points across its buy-to-let and let-to-buy ranges.

TMW’s BTL rates

TMW’s five-year fixed purchase and remortgage product at up to 75% LTV has fallen by 0.15 percentage points to 4.39%, with a 3% fee.

Another five-year fix, available up to 65% LTV with no fee, has been reduced by 0.10 percentage points to 4.97%.

For existing customers, a five-year fixed switcher at up to 65% LTV has been lowered by 0.05 percentage points to 4.29%, with a 3% fee.

Its no-fee two-year fixed switcher at up to 75% LTV has fallen by 0.13 percentage points to 5.27%.

Keir Fraser, TMW’s lead manager, said: “These latest cuts across our buy to let range are a welcome boost for landlords, especially at a time when cost pressures continue to remain front of mind.”

Shawbrook and TML lower rates

Meanwhile, Shawbrook and The Mortgage Lender (TML) have announced changes to their buy to let propositions, with TML introducing a limited-edition five-year fixed product from 4.74%.

The TML product is available with either a 2% or 5% completion fee and includes a free valuation.

The lender has also cut selected two- and five-year fixed rates by up to 15 basis points, with five-year fixed HMO rates now starting at 5.06%.

Shawbrook has reduced selected specialist BTL rates by up to 25 basis points.

Rates for single lets between £150,000 and £2.5m now start at 4.84%, while HMO and multi-unit freehold block products of up to 10 units start from 4.89%.

TML has also changed its multi-loan offering and removed the £150 application fee across all expatriate products.

Daryl Norkett, Shawbrook’s director of real estate proposition, said “These latest enhancements across both the Shawbrook and TML buy to let propositions are designed to provide brokers with more opportunities to support their landlord clients, whether through lower pricing, greater product flexibility or broader accessibility across specialist lending scenarios.”

InterBay’s commercial change

InterBay, part of OSB Group, has refreshed its commercial mortgage range, cutting rates across its owner-occupier products by up to 40 basis points.

The lender has introduced lower pricing for loans above £2.5m and adjusted its pricing at lower LTV tiers.

It has also removed EPC-related restrictions from its commercial offering.

The lender’s head of commercial lending, Marc Callaghan, said: “Brokers are dealing with increasingly varied commercial cases, so having clarity and confidence in how a deal can be structured is key.

“This refresh is about giving them a proposition that works for the realities of the current market and supports them in delivering the right outcome for their clients.”

Coventry’s BTL rates drop

Coventry for intermediaries has also reduced selected buy to let rates by up to 16 basis points, with revised products for new and existing customers.

The lender’s head of intermediary relationships, Jonathan Stinton, said: “Brokers are telling us that many clients are focused on keeping monthly payments as manageable as possible.

“By reducing rates on higher‑LTV products, we’re aiming to provide extra support where it can make a difference.”

For assistance with any type of buy to let (BTL), property or commercial finance please complete the contact form below:

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