Investec Private Bank announced yesterday that it will be introducing a range of new loan-to-value (LTV) bands across its buy-to-let products with borrowing rates cut by up to 1%.
According to the lender, the new buy-to-let mortgage rates will start from 2.5% plus three-month Libor at 50% LTV. Investec is also launching a 60% LTV from 2.75% and a 70% LTV at 3.10%.
Investec Private Bank provides both buy-to-let and residential mortgages to those looking to borrow between £250,000 and £10m, who have a minimum annual income of £300,000 and net assets of at least £3m.
Peter Izard, business development manager at Investec Private Banking, commented: “Despite recent tax changes, the buy-to-let market remains an attractive proposition for investors. We’re delighted to be announcing these significant rate cuts today, which will be a real boost for landlords seeking larger loans.”
Investec is the latest in a long line of lenders to cut their buy-to-let mortgage rates in recent days, as fierce competition returns to the lending market.
Santander has reduced its rates by up to 0.25% on selected fixed products, Virgin Money’s array of rate reductions mean that their buy-to-let rates at 75% LTV now start from 2.19%, NatWest has reduced its standard buy-to-let two-year fixed range for purchase and remortgage products by 19-23 bps, while TSB has launched a range of new fixed rate buy-to-let mortgage products with interest rates lowered on certain products by up to 0.4%.
Meanwhile, Accord Buy to Let last week announced plans to expand into the consumer buy-to-let and first-time landlord markets over the next few months.
“Despite the uncertainty in the buy-to-let arena we believe that it will remain a robust market,” said Chris Maggs, Accord Buy to Let’s commercial manager.