Buy-to-let bulletin March 2012 contents
Business Moneyfacts award winners . . . . . . . . . . . . . . . . . . . . . . 20 Buy-to-let rent ready reckoner. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Buy-to-let selection. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Guide to property types. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Islamic buy-to-let home finance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Market review. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 What’s new?
What’s been replaced? What’s gone? And the rest..........
Mortgage repayment table . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Most consistent lenders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Procuration fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Payable to authorised professional introducers
Regulation for buy-to-let mortgages . . . . . . . . . . . . . . . . . . . . . . . . 25 Rental and/or earned income considered. . . . . . . . . . . 22-23 Useful contact points. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Who accepts holiday or student lets?. . . . . . . . . . . . . . . . . . . . . . 21 Who offers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Base rate trackers? . . . . . . . . . . . . . . . . . . . . . 25 Incentives? . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Fee free products?. . . . . . . . . . . . . . . . . . . . . . 23
Buy-to-let bulletin Buy-to-let selection
1 AND 2 YEAR FIXED RATE SELECTION Rate
THE MORTGAGE WORKS NOTTINGHAM BS NATWEST INT SOLS MANSFIELD BS SKIPTON BS
NOTTINGHAM BS
3.49% fixed 3.59% fixed 3.79% fixed 3.89% fixed 3.89% fixed 3.99% fixed
3 AND 5 YEAR FIXED RATE SELECTION Rate
LEEDS BS SKIPTON BS
NOTTINGHAM BS SKIPTON BS
ACCORD MORTGAGES LEEDS BS
4.19% fixed 4.29% fixed 4.49% fixed 4.59% fixed 4.64% fixed 4.99% fixed
Term Max LTV Product Fee
31.3.13 75% 3.5% of advance 1.1.14 60% 1.3.14 60% 2 years 70% 30.4.14 70% 1.1.14 75%
£1999 £1999 £999
£2495 £1999
Max Property Max Total First Time Portfolio
Unlimited Refer 10 10 5
£1.5m £3.5m £500K
£1.5m
Advance Buyers? No No
Yes Yes
5 £1m No 10
No
Term Max LTV Product Fee
30.4.15 65% 30.4.15 70% 1.2.15 75% 30.4.17 70% 31.1.17 65% 28.2.17 70%
DISCOUNTED AND VARIABLE RATE SELECTION Rate
ABBEY
NOTTINGHAM BS MANSFIELD BS
ACCORD MORTGAGES MANSFIELD BS
BANK OF CHINA (UK)
2.99% variable 3.29% variable
£1499 £1295 £1299 £2495 £1995 £999
Max Property Max Total First Time Portfolio 4 5
Advance Buyers? £1.25m No £1m
10 5 3 4
£1.5m £1m £1m
No No No No
£1.25m No
Term Max LTV Product Fee
2 years 60% 2.5% of advance 2 years 60%
3.75% discounted 2 years 70% 3.89% variable
31.1.14 75%
3.80% discounted 3 years 70% 3.88% variable
Term 75% Market review What’s new? BEST BUY-TO-LET MORTGAGE PROVIDER
Winner - BM SOLUTIONS Highly Commended - THE MORTGAGE WORKS Commended - GODIVA MORTGAGES
BEST SERVICE FROM A BUY-TO-LET MORTGAGE PROVIDER
Winner - GODIVA MORTGAGES Highly Commended - BANK OF CHINA Commended - BM SOLUTIONS
Due to the changing buy-to-let market conditions, this year has seen the categories at the Business Moneyfacts Awards remain as they were in 2010. We will continue to assess where activity in the sector lies and reflect this in the 2012 categories.
ABBEY: variable trackers from 2.99% to 4.09% for 2 years and fixed rates of 3.39% to 2.4.14. ACCORD MORTGAGES: new range including variable trackers from 3.69% to 31.1.14 and fixed rates from 4.04% to 31.1.14, 4.39% to 31.1.15 and 4.64% to 31.1.17. DARLINGTON BS: discounted rate of 3.99% to 30.5.15, available to 70% (over 60% repayment only). HINCKLEY & RUGBY BS: discounted variable rate of 3.54% for 2 years. LEEK UNITED BS: discounted rate for 2 years. PLATFORM: 2 year variable trackers of 4.19%, 4.59% and 4.79%, £950 fee and 3.29%, 3.69% and 3.89%, fee £2450.“Premier” variable and fixed rates launched for advances £350,001 to £500K. SCOTTISH BS: discounted rate of 4.79% for 3 years. SHEPSHED BS: discounted rate of 4.10% for 3 years.
What’s been replaced?
ABBEY: fixed rates of 4.29% and 5.19% to 2.3.14 reduced by 0.20%. ALDERMORE: fixed rates of 4.58% and 4.78% for 2 years increased by 0.10%. BM SOLUTIONS: selected fixed rates to 31.3.14 reduced by 0.30% and to 31.5.15 by 0.15%. GODIVA MORTGAGES: all rates except 4.19% and 4.35% variable rates for term withdrawn & replaced. New variable trackers of 3.49% and 3.89% to 31.3.14. New fixed rates to 31.3.14 ranging from 3.75% to 4.40%; from 4.35% to 4.75% to 31.3.15 and from 4.99% to 5.99% to 31.3.17. New capped rate 4.99% to 31.3.14, currently at 3.99%.
LEEDS BS: discounted rate of 3.79% for 2 years increased by 0.20%, with fee increased to £1,249. NATWEST INT SOLS: variable tracker of 3.49% to 31.3.14 reduced by 0.10% and fixed rate of 3.99% to 31.3.14 reduced by 0.20%. NORTHERN ROCK: selected variable tracker and fixed rates increased by up to 0.45% and cashback on all products reduced to £200. PLATFORM: variable tracker rate of 5.19% for 2 years withdrawn and all others except 4.99% for 2 years increased by 0.10%. All fixed rates reduced by 0.20%. PRINCIPALITY BS: all products withdrawn and replaced with new 3.39% variable tracker to 31.3.14. WOOLWICH from BARCLAYS: range replaced with variable trackers of 4.49% to 2.6.14, 3.99% for term and fixed rates of 3.98% and 5.29% to 2.6.14. Fees are tiered according to amount of advance, starting at £1999 for advances £50K to £500K, rising to £3,999 for £500K to £1m.
What’s gone?
BM SOLUTIONS: variable trackers of 5.15% and 5.30% for 2 years. LEEDS BS: fixed rates 5.99% to 28.2.14, 3.89%, 4.49% and 4.59% to 30.4.14 and 3.99%, 4.69% and 5.19% to 30.4.15 withdrawn. NORTHERN ROCK: all products with 3.5% fees.
And the rest...
NOTTINGHAM BS: variable tracker of 4.09% for 2 years and 4.19% fixed to 1.2.14 no longer available via intermediaries. TEACHERS BS: lending area for non-teachers expanded to include additional postcode areas.
£1299 £799 £995 £799
Min £1895
Max Property Max Total First Time Portfolio 2
Advance Buyers? £1m
10 5 3 5
10
£1.5m £500K £1m
£500K £2m
No No
Yes No
Yes Yes
20
READERS ARE REMINDED THAT BUSINESS MONEYFACTS IS COPYRIGHT
March 2012
BUY-TO-LET MORTGAGES
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