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.