The big players in buy to let mortgage lending have sat on their hands in recent weeks without too many changes in rates and products for landlords.
However, some smaller players have started to break ranks to offer new incentives to property investors.
Coventry Building Society, one of the largest residential mortgage lenders and owner of the Godiva brand for landlords has revamped the society’s 65% loan-to-value mortgage deals through brokers.
Borrowers with big deposits or looking for a remortgage can take a 3.89% five-year fix, 3.49% over four years or rates between 2.79% and 3.29% over three years.
An eye-watering £1,749 arrangement fee and a £250 booking fee – taking total fees up to just £1 short of £2,000 make the rates less attractive when added back to the payments over the term.
Santander is offering a two-year tracker through brokers at 2.59% for buy to let mortgages up to 60% loan-to-value.
The fee is 2.5%. Landlords wanting to borrow between £50,000 and £750,000 are invited to apply before April 30, 2014.
The Cambridge Building Society has a 75% loan-to-value buy-to-let mortgage range for brokers, with rates down by up to 0.25% with a starting point of 3.59%. Borrowers can lock into a two-year fixed rate at 3.84% and a three-year fix at 3.99%.
Fees are £199 on application and 1% on completion for loans up to £750,000.
Hinkley and Rugby Building Society has a 2.9% discount mortgage, bringing the rate down to 2.74% variable for buy-to-let mortgages up to £300,000 and at 60% loan-to-value. Rates switch back to the lender’s buy-to-let standard variable rate of 5.64% after two years.
Fees are £250 on application and £2,249 on completion.
Elsewhere, Castle Trust Group has announced mortgages are available to buy overseas holiday lets and second homes.
Many buy-to-let lenders hold back on offering incentives in the run up to Christmas as demand in the market eases.