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Sainsbury’s reduces buy-to-let rates

Sainsbury's Bank has cut rates across its buy-to-let products, as well as its residential deals, amid fierce competition among mortgage providers.

New buy-to-let rate deals include a five-year fixed remortgage product at 75% loan-to-value (LTV) which has been reduced by 0.09% to 2.56% with a £995 product fee and £250 cashback.

All buy-to-let end dates remain until 31 August 2020 for two-year products and 31 August 2023 for five-year products.

Paul Collins, head of mortgages product management at Sainsbury’s Bank, said: “Our products continue to prove popular and we consistently review our rates to give our customers the best deals we can.”

Sainsbury’s Bank only entered the buy-to-let sector in May when it extended its mortgage range with the launch of two-year and five-year buy-to-let products for landlords with a portfolio of up to three properties.

The new purchase and remortgage products, available only through the bank’s network of brokers, provide loans up to £1m at 60% loan-to-value (LTV) and £500,000 up to 75% LTV.

David Buxton, head of banking at Sainsbury’s Bank, commented: “We’re keen to begin to help smaller investors and non-portfolio landlords manage their mortgage outgoings.

“We work in partnership with our broker partners and they told us that a buy-to-let range was important so we developed one as soon as we could, within our first year of trading.

“By creating strong partnerships, and listening to our brokers every step of the way, we’re continuing to build a strong mortgage proposition.”

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