‘Lenders just aren’t lending at the moment’ is a sentence that you may have heard uttered by barrack-room property experts. Except it isn’t true and today, we highlight some examples of new products and raised loan to values (LTVs) as a reflection of what we believe is a keenness to lend to home buyers as we start the recovery from Covid-19.
Accord, the Buy-To-Let lender, has today increased their maximum LTV for remortgage customers to 75% and is also re-introducing its house purchase products up to 75% LTV.
For landlords looking to remortgage, the new range includes:
- Two-year fixed rate at 1.84% at 75% LTV with a £1,495 product fee, free standard valuation and either £250 cashback or free standard legal services
- Five-year fixed rate at 2.16% at 75% LTV with a £1,495 product fee, free standard valuation and either £250 cashback or free standard legal services
- For landlords wanting to purchase, deals include
For landlords wanting to purchase, deals include:
- Two-year fixed rate at 1.71% at 60% LTV with a £950 product fee, free standard valuation and £500 cashback
- Five-year fixed rate at 1.81% at 60% LTV with a £1,495 product fee, free standard valuation and £500 cashback
“We have a strong appetite to lend, and we hope to continue updating our criteria and product ranges as the market allows. In the meantime, our residential and buy-to-let ranges offer great choice to brokers in the current environment”, says Jeremy Duncombe director of intermediary distribution at Accord Mortgages.
Also, the Nottingham is reintroducing 80% LTV mortgages.
Their products are available for purchases and remortgages, and include a free valuation and free standard legal costs for remortgages.
Two-year fixed products (80% LTV)
- 54%, fixed until 1 August 2022. £999 fees.
- 86%, fixed until 1 August 2022. No fees.
Five-year fixed products (80% LTV)
- 85%, fixed until 1 September 2025. £999 fees.
- 00%, fixed until 1 September 2025. No fees.
Nikki Warren-Dean head of intermediary sales at the Nottingham, said: “This is the latest step in our phased return to adding lower deposit products to our portfolio. Re-introducing 80% LTV mortgages is significant in getting back to where we want to be.
“We are also pleased to confirm that physical valuations also resumed last week.”
And not wanting to be left out, Skipton Building Society has reintroduced its buy-to-let and residential products with reduced rates on selected products.
The society’s buy-to-let two-year fixed rate deals now start at 1.64% up to 60% loan-to-value (LTV) with a £1,995 fee.
Skipton will also now consider mortgage applications for new build properties up to 75% LTV.
Skipton has confirmed that it will accept cases from applicants who have been furloughed.