Please Note: This Article is 7 years old. This increases the likelihood that some or all of it's content is now outdated.

Interest rates are pegged at 0.5% again following the latest Bank of England monetary policy committee meeting.

The decision means the official interest rate has stuck at the record low level for five years.

So far, the move has not triggered much movement from buy to let mortgage lenders.

However, specialist lender Precise Mortgages has revamped its whole buy to let mortgage range for landlords.

- Advertisement -

Buy to let mortgages at 80% loan to value now start at 4.24% with the reversion rate falling 0.5% to 5% across the range.

Increased confidence in the market has also seen the lender increase the maximum number of loans per borrower to five.

Managing director Alan Cleary said: “We will be making several improvements to our buy-to-let product range over the coming weeks.

Shawbrook’s commercial mortgages division has also revealed a range of larger loans for buy-to-let borrowers.

The loans are aimed at borrowers seeking to release capital refurbish or buy properties ranging from £750,000 to £10,000,000, while higher loans will also be considered.

Rates start at three month LIBOR plus 4.20% on residential properties and three month LIBOR plus 5.10% for commercial deals.

Karen Bennett, sales and marketing director of commercial mortgages at Shawbrook Bank, said: “With the improving economy, our brokers are increasingly dealing with clients who want to have the flexibility of obtaining finance in relation to high value or multiple properties.

“We have had some great success in this area, and wanted to ensure all our brokers know that we have a strong appetite for this type of business. As these types of loans often have more specialist requirements, we decided to create dedicated products.”

The lender will consider single residential properties, HMOs, residential portfolios, commercial properties, semi-commercial properties and mixed portfolios.

A recent deal by the bank was a £2.5 million mortgage against a freehold block of 21 flats in London.

Please Note: This Article is 7 years old. This increases the likelihood that some or all of it's content is now outdated.
Subscribe to LandlordZONE

LEAVE A REPLY

Please enter your comment!
Please enter your name here