Buy-to-let mortgage providers cut rates

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

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.

Equity Release rates on buy-to-let Mortgage

The maximum amount of equity you can potentially release from a buy-to-let property through a lifetime mortgage equivalent is up to 44% of its value. But age is an important part of the provider’s calculation. Older borrowers can release more equity than those who’re likely to live longer, and the highest loan-to-value ratio is usually reserved for them.

Editorial Note: This content has been independently collected by the EveryInvestor advisor team and is offered on a non-advised basis. EveryInvestor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.
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