Buy-to-let product update

Mortgage rates have been coming down this year following the mini-Budget last September when rates shot up. Although it is widely expected that the Bank of England will raise the base rate again, the market has priced this in and swap rates are also lower than they were in 2022.

I’m really pleased to say we have cut our mortgage rates, in fact, we had seven product changes in January and February including rate reductions and new launches. So with rates now on more stable ground we have been developing our product suite.

Our Special Edition range of 5-year fixed rates offering a choice of interest rates and fees has been popular. This is a limited edition and closes once the tranche of funding has come to an end but we have been able to secure more substantial funding to bring these competitive loans back to market. And due to swap rates falling we have been able to react quickly and made further reductions.

We have also reduced our 2-year fixed rates and launched 2-year discounted trackers with no early repayment charges. These will appeal to borrowers who are unsure of the future and don’t want to tie into 5-year fixes just yet.

Mortgages for existing landlords with houses in multiple occupation and multi-unit freehold blocks have also benefited from rate reductions. In addition, we have reintroduced products for first time landlords purchasing HMOs/MUFBs.

So we are keeping busy with our product development and hope to be able to announce further rate reductions and new product launches as the year progresses.

If you would like to understand more about our products or discuss a case, please get in touch with your local BDM.