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TODAY'S OTHER NEWS

TSB reduces buy-to-let rates by up to 0.3%

TSB has cut rates on selected two-, three- and five-year fixed rate buy-to-let purchase and remortgage products.

Two-year fixed rates between 60% and 75% loan-to-value (LTV) have been reduced by 0.1%, and two-year remortgage rates up to 75% LTV have also seen 0.1% cuts.

Buy-to-let landlords looking for three- and five-year fixed purchase and remortgage deals stand to make the biggest savings, with rates for these products reduced by 0.3%.

TSB has also moved its buy-to-let end dates to the end of December.

TSB will hope that its competitive buy-to-let pricing will help attract more business from BTL landlords.

Tax and regulation changes continue to have a negative impact on the buy-to-let market, with the value of mortgages taken out by landlords once again falling in the second quarter of this year, when compared to the corresponding period in 2017.

Buy-to-let lending has dropped significantly since tax changes in 2016, including the introduction of a 3% stamp duty surcharge, the phasing out of mortgage interest relief, the scrapping of the 10% ‘wear and tear’ allowance, as well as tougher affordability checks on landlords looking to take out a buy-to-let mortgage.

The latest figures released by the Bank of England earlier this month reveal that there was a drop in both new buy-to-let lending and remortgaging by landlords.

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