LendInvest Mortgages has reduced rates on its five- and seven-year buy-to-let (BTL) mortgages by 0.1%.
Rates on its five-year fixes at 75% loan to value (LTV) now start from 4.79% for standard properties, 4.89% for small houses in multiple occupation (HMOs) up to six bedrooms and 4.94% for small multi-unit freehold blocks (MUFBs) up to six units.
Reductions have also been made to LendInvest’s deals for expat BTL, bridge to let, HMOs up to 15 bedrooms, MUFBs up to 10 units and holiday lets.
This also includes seven-year deals.
Additionally, LendInvest has updated its expat BTL range. The lender will now lend to retired borrowers and consider self-employed expats as long as their income is earned in the UK. Previously, expat borrowers needed an income of £50,000 to qualify for a BTL product, but now this income will be considered per application rather than applicant, which LendInvest said would open up options.
Sophie Mitchell-Charman, commercial director at LendInvest, said: “At LendInvest, we have always been committed to providing simple mortgage and property solutions. With this rate reduction of 10bps on our five- and seven-year fixed BTLs, brokers can empower and unlock their clients’ potential, whether they are portfolio landlords, limited companies, or first-time landlords.
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“We always take on feedback from our brokers and their clients, and that’s why we’re excited to expand on our expat BTL range, which enables British citizens living overseas to continue to grow their property portfolios, even into retirement.”
Gatehouse Bank adds BTL products and updates criteria
Sharia-compliant lender Gatehouse Bank has launched reduced two- and five-year fixed BTL for customers borrowing a minimum of £500,000, with rates starting at 5.84% at 60% LTV.
There are also green home finance alternatives that offer a 0.1% reduction on the rate when buying or refinancing a property with an Energy Performance Certificate (EPC) rating of A or B.
Gatehouse Bank will also offset the carbon emissions generated by the average UK property for the initial term of the green finance deals. In a criteria change, Gatehouse Bank has lowered the minimum income required for international residents to qualify for top slicing from £100,000 to £50,000. This remains at £32,000 for UK residents and expats.
Now, the minimum finance service coverage ratio (FSCR) bandings for top slicing start from 110% for UK and expat borrowers and from 115% for international borrowers.
Gatehouse Bank has also extended the offer validity period for new-build properties to six months. This will apply to home purchase plans and BTL purchase plans.
Gemma Donnelly, head of customer propositions at Gatehouse Bank, said: “As a supplier of Sharia-compliant, ethical home finance products, we are always looking for ways to enhance our offering and make our products available to a wider range of people, regardless of their faith.
“Following the reintroduction of top slicing earlier this year, we hope that these additional product and criteria changes will help more UK residents, UK expats and international residents seeking to purchase a property in the UK.”
Earlier this week, Gatehouse Bank announced it entered a partnership with ColCap UK to originate home finance business.
