Lenders wheel out new ranges to woo landlord customers 

Lenders are out in force trying to woo landlords clients with new ranges and rates.

Vida has expanded its specialist Buy to Let (BTL) offering with the introduction of:

Holiday Buy to Let: A specialist product range designed to support short-term rental investments in popular UK holiday destinations. Available for both individual and portfolio landlords, these products cater to purchases and remortgages, whether clients are entering the market for the first time or expanding their portfolios.

Let to Move On: A flexible proposition that considers applicants who are letting their property to buy, rent, or ‘move on’—whether relocating abroad, moving in with family, or still deciding their next steps. This approach applies across the full BTL range, offering brokers more options for clients navigating life transitions.

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Meanwhile Accord Mortgages is this week launching a new buy-to let product range and highlights include: 

• A five-year fixed rate at 60% LTV, available for house purchase, at 4.17% (was 4.21%), which comes with a £1,995 fee and free standard valuation;

• A two-year fix up to 75% LTV, available for those remortgaging at 4.35% (was 4.38%), with a £995 fee, free standard valuation and remortgage legal service;

• And a five-year fix up to 60% LTV, available for those remortgaging, at 4.27% (was 4.31%), with a £995 fee, free standard valuation and remortgage legal service.

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And the Sharia-compliant Gatehouse Bank has announced a series of criteria updates and reduced documentation requirements across selected Buy-to-Let Purchase Plans.

It’s reduced the minimum level of experience required for landlords looking to purchase HMOs and Multi-Unit Freehold Blocks (MUFBs). Customers will now be required to provide a minimum of one years’ experience as a residential landlord, regardless of the property type.

It has also streamlined the application process for UK Buy-to-Let customers who are using top slicing – this is where the rent paid by the tenant does not exceed the monthly payment charged by the bank by the required amount can, subject to certain limits, the applicant’s personal income can be used to ‘top up’ the shortfall.

Applicants requiring top slicing who reside in the UK will now typically need to provide one month of payslips and bank statements, instead of documents from the last three months, which had previously been required. To qualify for top slicing, there is a minimum annual income of £32,000 from at least one UK-based applicant.

This article is taken from Landlord Today