Co-op Bank’s intermediary arm has cut its buy-to-let (BTL) interest rates by up to 0.25 percentage points.
The lender is now offering a two-year fixed-rate BTL mortgage at 1.34 per cent up to 60 per cent loan-to-value (LTV) with a £1,999 fee and £500 cashback.
Other highlights include a three-year fix from 2.04 per cent and a five-year fix from 2.34 per cent.
Paul Norcott, head of mortgages and insurance, said: “At a time when many of those looking to take a Buy to Let mortgage face additional challenges, we’re pleased to be able to offer competitive deals to our broker partners as they look to secure the best mortgage option for their buy-to-let clients.
“The significantly reduced interest rates across our platform buy-to-let fixed-rate mortgage range should appeal to those clients looking to remortgage and reduce their monthly repayments with the added benefit of free legals, and cashback of up to £500 available on some products, as a way for landlords to offset increased costs.”
Jane King, independent mortgage adviser at Ash-Ridge Asset Management, commented: “Platform are very good with these new buy-to-let rates. They are pretty much market-leading.
“The bigger deposits, the better, because it is becoming a nightmare once you go above 70 to 75 per cent LTV. The competition between lenders is at the end of the market where people have bigger deposits. Anyone who has got a good deposit is going to have the pick of all the rates.”
simon.allin@ft.com
