Residential mortgage rates are tumbling, but as yet buy to let mortgage lenders have made no moves to follow suit.
Barclays Bank has just released a 10-year residential fix at 2.99% for buyers with a 40% deposit.
The cost of money is rapidly falling for lenders and buy to let rates should drop a little soon.
At the moment, buy to let mortgage lenders are waging a private war by raising the fees they pay brokers and IFAs for mortgage business in a bid to grab a larger market share.
The only lender to move rates in the past week is Paragon subsidiary Mortgage Trust.
A range of buy to let mortgage rates have been revamped, including two, three and five-year fixes between 65% and 80% loan-to-value.
Headline deals include a 2.99% two-year fixed rate with a £495 fee at 65% LTV and a 3.85% three-year fixed rate with no fee at 75% LTV.
At 80%, there’s a 4.45% two-year fixed rate with no fee and at 75% 4.39% five year fix with a £495 fee.
Fleet Mortgages has joined the ranks of buy to let mortgage lenders by opening for business this week.
The firm is offering landlords two and five year fixes and three trackers at 65%, 75% and 80% loan to value.
Applications are considered for houses in multiple occupation (HMO) and limited companies as well as private landlords – although the higher 80% loan to value deals are not offered to HMO or corporate landlords.
Headline rates include a 2.79% two-year fix at 65% loan to value and a two-year corporate fixed-rate for 4.39% at 65% loan to value.
Bob Young, chief executive officer of Fleet Mortgages, said: “This is a momentous day for the Fleet Mortgages’ team and all our stakeholders as we open our lending doors and begin to accept business through our distribution partners.
“We have brought this lender to market in record time and are lending at what is a very exciting time for a growing and developing buy-to-let market.
“Our products focus on areas we believe are underserved, particularly in the limited company and HMO market, and we believe this range should particularly appeal to experienced landlords.”
Fleet mortgages are only available through selected brokers.
Buy-to-Let Mortgage Round up January 2015 – http://t.co/UxOZiDpOLZ
— LandlordZONE (@LandlordZONE) January 8, 2015