Please Note: This Article is 5 years old. This increases the likelihood that some or all of it's content is now outdated.

The Mortgage Works is ratcheting up loan to values for buy to let mortgage borrowers.

All 60% loan to value deals will now be offered at 65% loan to value, while other mortgages are available at 75% and 80% loan to value.

A new lifetime variable rate loan at 65% loan to value with a £995 fee was launched alongside the news.

“Structuring our products by loan to value is designed to create consistency and reflects our risk-based approach to lending. Implementing a lower follow-on rate relative to the stress rate provides an extra safeguard for landlords to protect rental cover in the event of future base rate rises,” said a spokesman.

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Coventry cuts booking fee

Coventry Building Society is cutting a £250 booking fee on buy to let mortgage applications from brokers.

Kevin Purvey, Coventry’s head of intermediaries, said: “We have decided to extend this to all buy to let investors, not just direct customers.”

The lender’s buy to let mortgages also come with a free valuation worth up to £700.

Fleet’s new mortgage range

Fleet Mortgages has released details of new loans for buy to let and house in multiple occupation (HMO) investors that should be launched before Christmas.

Deals include:

  • A two-year buy-to-let fix at 65% loan to value at 2.79% with a 3.29% rate at 75% loan to value and 4.79% at 80% loan to value
  • A five-year buy to let fix at 4.29% at 75% loan to value
  • Buy-to-let trackers for three years at 65% loan to value at 2.85%; 75% loan to value at 3.35% and 80% loan to value at 4.75%. Tracker rates are LIBOR based.
  • A two-year fix for company-owned buy-to-let at 4.39% up to 65% loan to value, 4.59% up to 70% loan to value and 5.29% up to 80% loan to value
  • A two-year HMO fixed rate at 5.29% up to 65% loan to value and 5.39% up to 75% loan to value.

Completion fees range from 1% to 2%, depending on the type of investment property.

Please Note: This Article is 5 years old. This increases the likelihood that some or all of it's content is now outdated.

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