As reported in last week’s Mortgage Introducer, Mortgagebox joined with BM Solutions to launch a new buy-to-let (BTL) product, but BM was apparently due to launch some BTL capped rate products of its own shortly beforehand.
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Recent weeks have seen lenders change and cancel product ranges due to financial or interest rate challenges, and Lee Grandin, managing director of Landlord Mortgages, said
: “One of the key changes over the past three to four months has been with lenders pulling or tweaking their ranges. This has caused a lot of grief for brokers. Mortgage lenders are not holding their ranges for long.
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“I was anticipating doing a lot of business with BM on its new range, but when I looked, it had gone which is a shame as the rates it is offering now with Mortgagebox are very good but its proposed generic rates were much better.”
Clare Mortimer, senior press officer at BM Solutions, commented: “We do still have a BTL two-year tracker at 4.74 per cent. What we previously offered was the same product capped at 5.49 per cent, but when we re-introduced it the cap wasn’t included.”
Christopher Dean, spokesman for the Council of Mortgage Lenders, said: “As soon as the Monetary Policy Committee announces interest rate changes, it is a different environment for lenders to work in. They make decisions that are best for their customers and their business.”
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