Orchards Estate Agents

View Original

The Latest BTL rate and Policy changes - highlights from the last week, lender by lender

BM Solutions    

On Monday 11 October, we’re making the following changes to our product range:

BTL remortgage

  • Rate reductions of 0.33% on 2 year fixed 60% LTV £0, £995 and £1,995 fee products

  • Rate reductions of 0.11% on 2 year fixed 75% LTV £0, £995 and £1,995 fee products

  • Rate reductions of 0.16% on 5 year fixed 60% and 75% LTV £0, £995 and £1,995 fee products.


 Accord  Applies to: Accord BTL only

We’re launching a new range of highly competitive discounted standard variable rate (SVR) buy to let products, and reducing rates across our fixed rate products at 9am Thursday 7th October.

New BTL products

The new range of 2 year discounted variable rate products starts at just 1.19% up to 60% LTV, or for landlords with smaller deposits we’re offering 1.22% up to 65% LTV, 1.34% up to 75% LTV, or 2.99% up to 80% LTV. All products come with a £995 product fee and free standard valuation, and are available to both house purchase and remortgage.

BTL rates going down

We’re also reducing rates across our fixed rate buy to let new business range up to 0.24%.


HSBC     BTL policy overview

  • Applications are assessed on a Rental Funded basis only

  • Rental income must cover 125% (basic rate tax payers) or 145% (high rate tax  payers) of the stressed mortgage repayment

  • Maximum loan to values:

  • 75% for borrowing up to £1,000,000

  • 65% LTV for borrowing from £1,000,001 to £2,000,000

  • 60% LTV and maximum of £50,000 additional lending for debt consolidation purposes.


Skipton Key Changes

  • Selected rate reductions across the Residential and Buy to Let ranges of up to 0.62%, and selected rate increases of up to 0.35%.

  • End date extensions across the Residential range to February 2024/27/29/32.

  • Withdrawal of Interest Only specific products – some Residential products are now available for Interest Only up to 80% LTV (subject to lending criteria).

  • Withdrawal of selected products.

  • Introduction of new 7 year fixed options.