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Buy To Let Lenders Soften Lending Criteria
Property investors have got a lot to look forward to over the coming year with leading lenders declaring their intentions to reduce their buy to let deposit sizes by up to 20% over the coming months.
NatWest, Nottingham Building Society and London & Country are leading the way with this initiative, and it is hoped that once this trend catches on others will quickly follow suit.
London & Country
Offering a 3 year fixed rate loan of 6.49% with a fee of £995, London & Country have definitely broken the ice by reducing the size of their LTV’s down to 80%.
Nottingham Building Society
Their LTV’s may still be at 70%, but property owners can take advantage of a 3 year fixed rate loan at 5.59% for 0.3% less than it was 3 months ago
NatWest
NatWest are definitely leading the way with their range of buy to let tracker deals and mortgages:
- A 2 year tracker 70% LTV loan can now be accessed for 4.99%
- Rate changes have occurred on two of their 2 year fixed rates: one 70% LTV deal has been reduced to 3.55% (down from 3.69%) and the other has been brought down to 3.65% (down from 4.39%)
- A 2 year fixed rate 90% LTV has increased to 5.69% from 4.99%
- A 3 year fixed rate 90% LTV has increased from 5.89% to 6.59%
NOTE: all of theses tracker deals from NatWest have an arrangement fee of £1,999. All mortgage loans have an arrangement fee of £999.
More about the author of this article
Stephen McIntosh, Property Mentor Delegate
With a £40k passive income per year Stephen McIntosh knows that property investment is one of the most exciting and achievable ways to become wealthy “Property is the best employee ever! It doesn't have days off, never calls in sick or with a hangover, works 24 hours a day, 7 days a week and never has a holiday. All the while making you £££s Read more
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