Leeds Building Society has taken the scalpel to holiday let mortgages and introduced more loans with incentives and no arrangement fees for remortgagers.
The holiday let deals have rates reduced by up to 0.3 per cent, all with a free valuation and fees assisted legal services.
Remortgage products to be launched also come with free valuations, fees assisted legal services and no arrangement fees, so borrowers can minimise the costs of moving to a new deal.
Martin Richardson, the society’s general manager for business development, said that some lenders will only allow borrowers with an existing mortgage to choose a specific ‘remortgage’ product.
“We don’t restrict borrowers in that way – you can choose a deal from across our range, which offers lots of combinations of LTV levels with different fees and incentives.”
Meanwhile, TSB broadened its buy-to-let range with remortgages over a three-year term, along with new two-year mortgages for landlords looking to buy a new property.
TSB Intermediary now has a range of fixed rates across two, three and five-year terms for landlords, including fee free options, while free standard valuation and legal packages are also included for remortgages.
The bank is also introducing a minimum income of £25,000 a year for buy-to-let applications, with self employed applicants needing to have been trading for a minimum of one year.
To support brokers, all existing applications and agreements in principle will be honoured and allowed to proceed on the previous criteria.
Finally, specialist buy-to-let lender Paragon Mortgages brought a range of three-year fixed rate products to market this week.
The new products compliment the existing range of two and five-year fixed rate offerings that have been re-dated to 30 September 2017 and 2020 respectively. Rates start from 3.75 per cent for the two-year products and from 4.6 per cent for the five-year fixes.
Here are all the rates that were publicly announced this week:
| Lender | LTV/Type | Headline Rate | Product Fee |
| TSB Intermediary | 60%/2-year fixed | 2.24 (BTL) | £1,995 |
| TSB Intermediary | 60%/2-year fixed | 2.64 (BTL) | £995 |
| TSB Intermediary | 60%/2-year fixed | 3.04 (BTL) | £0 |
| TSB Intermediary | 60%/3-year fixed | 3.04 (BTL remortgage) | £1,995 |
| TSB Intermediary | 60%/3-year fixed | 3.24 (BTL remortgage) | £995 |
| TSB Intermediary | 60%/3-year fixed | 3.44 (BTL remortgage) | £0 |
| TSB Intermediary | 60-75%/3-year fixed | 3.84 (BTL remortgage) | £1,995 |
| TSB Intermediary | 60-75%/3-year fixed | 4.04 (BTL remortgage) | £995 |
| TSB Intermediary | 60-75%/3-year fixed | 4.24 (BTL remortgage) | £0 |
| Leeds Building Society | 60%/2-year fixed | 2.64% | £999 |
| Leeds Building Society | 60%/2-year fixed | 3.04% | £199 |
| Leeds Building Society | 60%/2-year discount | 2.35% (BTL) | |
| Leeds Building Society | 70%/2-year fixed | 3.14% | £999 |
| Leeds Building Society | 70%/2-year discount | 2.59% | £999 |
| Leeds Building Society | 75%/2-year tracker | 1.95% | |
| Leeds Building Society | 75%/2-year discount | 2.29% (Help to Buy) | |
| Paragon Mortgages | 75%/3-year fixed | 3.99% (single, self contained properties) | 2% |
| Paragon Mortgages | 75%/3-year fixed | 4.45% (HMOs) | 2% |
peter.walker@ft.com
