This coming Friday, our BTL new business product range will be updated. Changes include both rate increases and reductions, and new products will be added to the range.
The current product range will be withdrawn at 10pm on Thursday 3 August, and new range available from 8am on Friday 4 August. Full details are outlined below.
What’s changing?
Fixed rates increasing by up to 0.10%
2 Year Products (including product codes):
- 503797 – 60% LTV House Purchase product with £495 fee – increasing by 0.05%
- 503798, 503799, 503800 – 65% LTV products with £495 fee – increasing by 0.01% to 0.10%.
- 503744, 503745 – 65% LTV Re-mortgage products with £995 fee – increasing by 0.02% to 0.04%
- 503802, 503803 – 75% LTV products with £495 fee – increasing by 0.05% to 0.09%
- 503750, 503751 – 75% LTV Re-mortgage products with £995 fee – increasing by 0.02% to 0.04%.
Fixed rates products reducing by up to 0.84%
- 2 Year selected products – reduced by 0.02% to 0.19% (where not mentioned in above rate increases)
- 3 Year selected products – reduced by 0.02% to 0.20%
- 5 Year selected products – reduced by 0.28% to 0.84%.
New products available
- 2 Year fixed rates with £0 fee, starting at 6.80%
- 2 Year fixed rates with £1,495 fee, starting at 6.43%
- These products come with £500 Cashback for House Purchase, or a choice of £250 Cashback or Remortgage Legal services for Re-mortgage
- 2 & 5 Year fixed rates at 80% LTV with £3,495 fee, starting at 6.42% for 2 years or 5.91% for 5 years
- Tracker Products with £1,995 fee, starting at 0.22% above Bank of England base rate.
Other changes:
- End dates on all products extended to 31st October.
What else do you need to know?
- For Buy to Let applications, the product selected will impact the maximum loan we can offer as a product cannot be selected at DIP stage
- It is important that you use our rental calculator as this allows you to input the details of the product required and provide you with a more accurate maximum lending amount
- The actual maximum lending available will be determined at the point you submit a Full Mortgage Application.
When is this change?
- The current product range will be withdrawn at 10pm on Thursday 3 August
- The new range will be available from 8am on Friday 4 August.
Speeding things up for you
- We know it’s very busy at the moment – you can find the information you need in a hurry (including our criteria) using our newly re-designed website and chat bot and get answers quickly and easily
- You also have access to MSO for real time updates on existing cases, freeing up time to help more clients.