Buy-to-let mortgage providers cut rates
09-05-2015
Precise Mortgages and the Co-op's intermediary lender Platform announce reductions in their buy-to-let mortgage ranges.
Buy-to-let mortgage providers cut rates
by Nia Williams
The booming buy-to-let market has prompted two mortgage lenders to shave back their rates this week.
Precise Mortgages now offers 2 year tracker rates from 3.49% and 2 year fixed rates from 3.99%. It’s also cut the fees on its lifetime trackers and is offering extended fixed-rate end dates.
The specialist lender estimates the size of the buy-to-let market to be in the region of £30billion of which 50% will be remortgages.
Alan Cleary, Managing Director of Precise Mortgages said: “In order to support landlords, who are left underserved by the high street, we continue to make changes to our buy to let range.
“Not only have we reduced our buy-to-let mortgage rates, we’ve also reduced the revert rate on our buy-to-let five year fixed rate product. This coupled with our 125% rental coverage calculation means we can help buy-to-let landlords raise the funds they need.”
Platform, the intermediary lender of The Co-operative Bank, has also reduced the rates on its buy-to-let mortgage range by up to 0.10%.
It now offers 2 year fixed rates starting at 2.24% at 60 per cent LTV with a £1,999 fee – along with three and five year fixed rates starting from 2.79% and 3.34% respectively, also for mortgages at 60 per cent LTV with a £1,999 fee. Reduced rates are also available on higher LTV bands and mortgage deals with either £999 or no fee options.
Platform mortgages are only available through mortgage brokers.