Following recent residential and buy-to-let rate cuts, The Nottingham Building Society has announced that it is reducing rates on its Limited Company BTL mortgage range.
According to the society, three 65% and 75% LTV products have been repriced as well as the addition of new criteria enhancements aimed at landlords looking to grow their portfolios.
Their five-year fixed 75% LTV mortgage with fees (£0 upfront, £999 total) is available at a rate of 3.10% (was 3.40%). A product fixed for the same period – and also at 75% LTV – but with no fees has been cut to 3.40% (from 3.70%).
The Nottingham’s five-year fixed 65% LTV Limited Company BTL offering is now priced at 3.25%, down from 3.40%.
The rate reductions are timely as it has also announced the below lending criteria changes, which apply to all buy-to-let (including Limited Company) products.
· Maximum loan size increased to £750k (from £500k). This can be on interest-only
· Maximum number of bedrooms in a property being purchased increased to five (was four)
· Minimum landlord experience required for portfolio landlords decreased to 24 months (from 36)
Nikki Warren-Dean, The Nottingham’s Head of Intermediary Sales, said: “As we’ve said when making rate cuts on a number of occasions over the last couple of months, having a flexible and competitively priced product range is very important.
“However, lending criteria is also important too. We pride ourselves on being #BuiltAroundBrokers and are pleased to say that these extremely positive criteria changes come partly as a result of their feedback – further evidence of great working relationships between us as a lender and the broker community.”
Original Article from Financial Reporter 04/10/21