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Mortgage roundup – slashing rates, partnerships and green mortgages

The Nottingham has introduced a new larger lending mortgage aimed at those looking to borrow over £350,000.

Priced at 1.85%, the two-year fixed 80% loan-to-value (LTV) product comes with £999 fees (£199 upfront).

It comes along with the society’s bolstered range with a no-fee 75% LTV remortgage-only option fixed at 1.70% for two years.


The Nottingham has also chopped the rate of its no-fee two-year fixed 80% LTV remortgage-only offering from 2.15% to 2.05%.

Further benefits for would-be buyers or those looking to remortgage come in the form of further rate reductions on the following products:

  • Three-year fixed 80% LTV with no fees now 2.30% (was 2.60%)

  • Three-year fixed 85% LTV with no fees now 2.70% (was 2.90%)

  • Five-year fixed 90% LTV with £999 fees (£0 upfront) now 3.30% (was 3.45%)

  • Five-year fixed 90% LTV with no fees now 3.60% (was 3.70%)

Nikki Warren-Dean, head of intermediary sales at The Nottingham, says: “We continue to evolve and are really happy that the latest product additions include a larger loan offering and another remortgage-only option.”

“We’re also pleased to have been able to make rate reductions to our three and five-year fixed rate residential mortgages, as we continue to build a competitive range that gives choice to people whatever their property goals and circumstances.”

Shawbrook Bank revitalises buy-to-let and HMO products

Shawbrook Bank has announced a series of changes to its buy-to-let (BTL) and house in multiple occupation (HMO) range.

As part of the changes, Shawbrook has introduced three new product bandings based on loan size, including loans over £1 million, loans between £150,000-£1 million and loans less than £150,000.

The changes impact all of Shawbrook’s Buy-to-Let and HMO products.

While continuing to support customers with loans from just £40k, rates on large loans over £1m have been reduced and will now start from 4.14% on BTL and HMOs at 65% LTV.

avin Seaholme, head of sales at Shawbrook Bank’s Property Finance division, comments: “These changes underline Shawbrook’s continued commitment to supporting the simple, the complex, and everything in between.” 

“Our team have a wealth of experience lending on commercial and residential developments, in even the most complex of situations and work hard to serve customers at both ends of the market. By offering competitive rates across all loan sizes we can make our expertise and knowledge of the market accessible to as many people as possible.”

Reduced BTL rates and new product launches at The Mortgage Works

The Mortgage Works (TMW) has reduced selected five-year fixed rate BTL remortgage rates by up to 0.30%, each coming with free valuation and free legals.

The new buy-to-let remortgage rates include:

  • Five-year fixed rate up to 65% LTV reduced by 0.30% to 1.69% with a £1,995 fee.

  • Five-year fixed rate up to 75% LTV reduced by 0.25% to 1.94% with a £1,995 fee.

The lender has also introduced new two and five-year fixed rate BTL mortgages for purchase and remortgage, with sales starting from 1.69%.

These products include:

  • Two-year fixed rate of 1.69%, available up to 65% LTV, with a £995 fee.

  • Two-year fixed rate of 1.99%, available up to 75% LTV, with a £995 fee.

  • Five-year fixed rate of 1.94%, available up to 65% LTV, with a £995 fee.

  • Five-year fixed rate of 2.29%, available up to 75% LTV, with a £995 fee.

Daniel Clinton, head of The Mortgage Works, says: “As one of the biggest buy to let lenders in the UK, we always seek to offer landlords a wide range of options.”

“Our new products will give more choice to landlords looking to purchase a new property or remortgage to the Society. At the same time, we are reducing other products in the range to ensure we maintain our competitive position in the market.”

Landbay goes green with new mortgage range

Specialist buy-to-let lender Landbay has launched its first green mortgage range.

The products offer a 0.1% or 0.05% reduction against their non-green counterparts, depending on the property’s energy rating.

By lowering rates in accordance with property EPC ratings, Landbay hopes to incentivise energy efficient rental properties as an attractive option for landlords.

Examples of the new rates include:

  • Five-year fixed rate with an EPC A/B rating – 3.15% up to 65% LTV, down from 3.25% - 1.5% fee

  • Five-year fixed rate with an EPC A/B rating – 3.25% up to 75% LTV, down from 3.35% - 1.5% fee

  • Five-year fixed rate with an EPC C rating – 3.20% up to 65% LTV, down from 3.25% - 1.5% fee

  • Five-year fixed rate with an EPC C rating – 3.30% up to 65% LTV, down from 3.35% - 1.5% fee

All green rates are available to properties that have been registered for over 24 months with an EPC rating of C and above.

Paul Brett, managing director of intermediaries at Landbay, comments: “Properties being let by landlords are obliged to have at least an E rated EPC. However, the government has said it wants as many as possible to be upgraded to band C or above by 2030.”

“We hope our green mortgage range will go some way to help achieving that goal and incentivise more landlords to consider adding energy efficient properties to their portfolio.”

Continuing its run of rate reductions, the lender has also trimmed its large HMO and multi-unit freehold block (MUFB) range by up to 0.2%.

Landbay’s criteria for HMOs is from seven to 12 bedrooms, while large MUFBs is seven to 12 units.

The new rates for HMOs include:

  • Large HMO 2 Year Fixed 70% LTV - 3.69% down from 3.85%

  • Large HMO 2 Year Fixed 75% LTV - 3.79% down from 3.99%

  • Large HMO 5 Year Fixed 70% LTV - 3.89% down from 4.09%

  • Large HMO 5 Year Fixed 75% LTV - 3.99% down from 4.19%

Meanwhile, the new MUFB rates include:

  • Large MUFB 2 Year Fixed 70% LTV - 3.69% down from 3.85%

  • Large MUFB 2 Year Fixed 75% LTV - 3.79% down from 3.99%

  • Large MUFB 5 Year Fixed 70% LTV - 3.89% down from 4.09%

  • Large MUFB 5 Year Fixed 75% LTV - 3.99% down from 4.19

Brett notes: “Demand for HMO and MUFB finance has been picking up over the past couple of years as experienced landlords build up and diversify their portfolios.”

“These types of property are proving more attractive to landlords as they generate a higher yield than a single dwelling. This is being fuelled by high demand for shared housing and rented property.”

Intermediary specialists join forces to offer competitive rates

CHL Mortgages, the intermediary-only specialist buy-to-let lender, has been appointed by Dynamo for Intermediaries following their return to lending earlier this year.

The lender’s relationship with Dynamo extends over a number of years with CHL Mortgages being one of the first lenders to work with the team soon after the business was founded.

The addition of Dynamo for Intermediaries signals yet a ‘significant step’ in the return of CHL Mortgages to lending and will enable more brokers to access their products.

This appointment allows Dynamo’s brokers to access CHL Mortgages’ new BTL range, which includes two five-year fixed rate products, available at a rate of 3.25% up to 75% loan-to-value (LTV) and 3.10% up to 65% LTV.

Accessible to individual landlords, portfolio landlords and limited companies, the range includes options to cover property types including HMOs, MUFBs, new-builds, ex local authority properties, and properties above or adjacent to commercial premises.

Ross Turrell, commercial director of CHL Mortgages comments: “For a specialist buy-to-let lender like ourselves, adding Dynamo to our distribution footprint is vital and we are delighted to reinstate our partnership and offer our new product range to their advisers so soon after our relaunch.”

“The importance of technology enabling an enhanced experience for brokers and customers alike is a vision both our businesses share and we look forward to developing the relationship in the coming weeks, months and years.”

Cat Armstrong, mortgage club director at Dynamo for Intermediaries, adds: “We’re delighted to welcome CHL Mortgages back to the market and to our distribution panel. They have always impressed us with their amazing underwriting mentality and can-do attitude.”

“There is certainly an affinity between our two companies and after waiting over a decade, we can’t wait to start working together once again!”


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