Mortgages  

The Nottingham launches buy-to-let range

The Nottingham launches buy-to-let range

The Nottingham for Intermediaries has introduced a range of limited company buy-to-let mortgages.

The headline products are a two-year fixed rate at 2.76 per cent, with a £999 fee (minimum loan £30,000), and a two-year fixed rate at 2.79 per cent, with a fee of 0.50 per cent of the mortgage amount (minimum loan £70,000).

The products, which are all at 75 per cent loan-to-value, also include a 0.55 per cent broker procuration fee on completion of applications and free property valuation.

They are designed for landlords who have limited company status for their portfolios. Changes to mortgage interest rate tax relief for landlords are leading to many of them reviewing how their portfolios are structured.

Nikki Warren-Dean, head of intermediary sales at The Nottingham, said: “Judging from the conversations we’ve been having with our broker network, many landlords are considering structuring their portfolios on a limited company basis, if they haven’t already, so it’s important we offer competitively priced products to suit their needs and that build on our expertise in the BTL space.

“However, it isn’t just about the right product - there will be ease of use for brokers, who will benefit from exactly the same process as they do when applying for residential or individual buy-to-let mortgages via our broker portal system. They will also receive our usual quality service that includes their own regional business development manager, and direct access to underwriters.”

Danny Belton, head of lender relationships at Legal & General Mortgage Club, said: “One of the strong points of The Nottingham’s proposition over the years has been in buy-to-let.

"The move to add Limited Company to the buy-to-let range is welcome and will most certainly be embraced by intermediaries. As with any mortgage sector, competition and choice is vital, and the criteria and products from The Nottingham really do enhance what is available today.”

The Nottingham recently returned to the 75 per cent LTV buy-to-let mortgage market with the launch of a range of products.

Buy-to-let applications were also widened to allow for purchases as well as remortgages, facilitated by its broker portal system that was launched at the end of last year.