They implement product changes following broker feedback
More lenders operating in the UK mortgage market have introduced rate cuts and new mortgage products.
LendInvest Mortgages has announced the launch of its expat buy-to-let mortgage products. These mortgages, tailored for expatriate landlords, offer up to 75% loan-to-value (LTV) for standard properties, houses in multiple occupation (HMOs), and multi-unit freehold blocks (MUFBs).
Eligible borrowers must have a minimum employment income of £50,000, and the products are available to limited companies, special purpose vehicles (SPVs), and limited liability partnerships (LLPs).
LendInvest also reduced rates on its standard buy-to-let range, with 75% LTV products starting at 3.64%.
“We’ve listened closely to feedback from our customers and partners, and we understand the challenges that expat landlords face when seeking property finance,” said Sophie Mitchell-Charman (pictured left), commercial director at LendInvest. “Our new expat buy-to-let mortgage products are designed to provide fast, simple solutions, helping expat landlords to manage their portfolios more effectively from abroad.”
Meanwhile, Market Harborough Building Society has lowered its fixed rates across its residential and buy-to-let mortgages by 0.20%. The reduction applies to two-, three-, and five-year products, following a recent rebrand and the launch of the Best for Brokers initiative.
Additionally, Market Harborough has extended its short-term bridging finance options, offering loans up to £5 million and increasing its maximum LTV to 70%.
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“We’re bringing down fixed rates on our standard term mortgages and are really excited about extending the loan size and LTV on our bridging finance to make it even more accessible,” said Iain Smith (pictured centre), head of mortgage distribution at Market Harborough Building Society. “We’re listening to our broker partners and working with them to make it even easier for them to place cases with us as we continue our drive to be best for brokers.”
Suffolk Building Society also made rate cuts, reducing its two-year fixed rates on residential and holiday let mortgages. Residential rates dropped by as much as 30 basis points, while holiday let mortgages saw an 11-basis-point reduction.
“There have been lots of positive signals across the property market in recent weeks,” said Charlotte Grimshaw (pictured right), head of intermediary relations and mortgage sales at Suffolk Building Society. “We’re pleased to see confidence returning with would-be buyers and movers buoyed by reduced interest rates.”
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