A slew of lenders have announced new products or reduced rates as they try to woo business from landlords.
Vida Homeloans has announced a further enhancement to its Buy-to-Let (BTL) proposition, expanding its criteria to support more complex Special Purpose Vehicle (SPV) structures.
Vida will now accept BTL SPVs where the applicant company is a subsidiary of a parent company, recognising the growing number of landlords structuring their portfolios in this way.
To ensure clarity and consistency, the criteria includes the following parameters:
- A maximum of two company layers is permitted (SPV and parent company)
- The directors of the SPV must match those of the parent company
- Those directors must collectively hold a minimum of 75% of the shares in the parent company
- All directors and shareholders of the SPV must be named on the mortgage application.
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Meanwhile The Mortgage Lender (TML), part of Shawbrook, has launched a range of new Limited-Edition buy-to-let products and reduced rates by up to 0.15% across its fixed-rate range.
New Limited-Edition products include two-year fixed rates starting from 3.79% and are available with both 5% completion fee and fixed completion fee options.
Alongside the launch, TML has reduced rates across its two-year and five-year fixed-rate buy-to-let proposition, including products for houses in multiple occupation (HMOs) and multi-loan customers.
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And Keystone Property Finance hasmade a 15 basis point reduction across fixed rates within its buy to let product ranges.
The reductions apply across the specialist lender’s two and five year fixed rates. These cuts reflect the recent reduction in SWAP rates, which has allowed them to improve pricing.
The changes apply to Keystone’s Standard, Specialist, Ex-pat, Holiday Let, Product Transfer/Product Transfer Plus, and Refurb to Let Exit ranges.
In addition, Keystone has enhanced its HMO and Multi-Unit criteria by increasing the maximum number of occupants/units from 15 to 20.
