Good news for landlords looking to expand their property portfolio! Several lenders are making it easier for landlords to get a mortgage, with new products and simplified processes. This comes as competition for buy-to-let landlords heats up, with lenders eager to attract this lucrative market.
Melton Building Society Offers New Fixed Rate Deals
Melton Building Society has launched four new buy-to-let fixed-rate mortgages, catering to both business and family landlords.
Business landlords can choose from a two-year fixed rate at 5.35% or a five-year fixed rate at 5.05%, both with a £995 fee.
Family landlords have options for a two-year fixed rate at 5.95% or a five-year fixed rate at 5.15%, each with a £199 fee.
All these products are available up to 75% loan-to-value (LTV), meaning you need a 25% deposit to qualify.
“We understand it’s been a challenging few years for landlords,” a spokesperson from Melton Building Society says. “The majority of them will have experienced a great deal of change and volatility.”
Paragon Bank Streamlines Buy-to-Let Products
Paragon Bank has streamlined its buy-to-let mortgage range, simplifying the process for landlords. They’ve removed the distinction between portfolio and non-portfolio landlords, making it easier for everyone to apply.
“The simplification of our buy-to-let product range was driven by conversations with brokers,” a Paragon Bank spokesperson explains. “We’ve streamlined processes and made it easier to do business with us.”
Hodge Now Lends On Properties With Annexes
Hodge has announced that they will now lend on properties with a self-contained annexe, a significant shift in the market.
This decision comes as Hodge recognises the increasing number of homes with annexes in the UK. This trend is driven by factors like rising childcare costs, families helping their children save for a deposit, and the rise of remote working.
“We continue to see demand for properties with a self-contained annexe as families look to support one another intergenerationally,” says Jonathan Matthews, head of property risk at Hodge. “This change represents further flexibility in our property criteria, removing any ambiguity around annexes for your customers.”
A Positive Turn for Landlords
These changes signal a positive shift for landlords, with lenders showing renewed enthusiasm for this sector. Whether you’re a seasoned landlord looking to expand or a first-timer looking to get started, these new products and simplified processes make it easier than ever to get into the buy-to-let market.