Specialist lender ModaMortgages has launched eight limited-edition mortgage deals at 80% loan-to-value (LTV), all with versatile charges.
The new vary contains each single-dwelling and small homes of a number of occupation (HMO) and multi-unit freehold blocks (MUFB).
For single-dwelling buy-to-let properties, ModaMortgages is providing two-year fixed-rate merchandise beginning at 4.54%, or five-year mounted deals from 5.34%. Each has both a 3% product price or a flat £1,999 price.
The small HMO and MUFB traces, appropriate for as much as six bedrooms or items, start with two-year fixes at 4.64% and five-year fixes at 5.44%, once more with the identical price buildings.
These choices permit landlords to borrow as much as £750,000, topic to affordability. All mortgage gives embody free valuations by way of Gateway Surveyors.
ModaMortgages group gross sales director Darrell Walker mentioned: “With a alternative of both a 3% or £1,999 price, these merchandise are designed for landlords trying to pay extra upfront to profit from decrease charges additional down the road and might be preferrred for these wanting to boost capital for property enhancements or remortgaging after modifications.”
ModaMortgages’s launch displays a rising development amongst UK lenders to stretch mortgage affordability by focusing on larger LTVs.
Nottingham Building Society lately rolled out new two- and five-year 80% LTV buy-to-let merchandise inside each its customary and limited-company ranges. The lender additionally reducing the minimal applicant age to 21 and expanded portfolio limits to 5 properties.
Paragon Bank has equally expanded its buy-to-let vary with 80% LTV choices, plus reductions of 10 foundation factors throughout 70% and 75% LTV merchandise for self-contained items. Paragon additionally eliminated utility charges on 75% LTV deals with a 3% product price.
