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Family Building Society and LendInvest have each reduced rates on a number of buy to let mortgage deals.
Family Building Society slashed interest rates across its entire buy to let product range, whilst LendInvest has reduced rates on several of its buy to let deals.
At Family Building Society, all fixed interest rate products have been decreased by between 0.25 per cent and 0.45 per cent. All variable rate products, including buy to let offset mortgages, have been decreased by between 0.20 per cent and 0.25 per cent.
Director of business development at Family Building Society, Keith Barber, said: ‘There may be speculation of a further Bank of England Bank Rate increase in May, however, these interest rate reductions will be welcome news to our intermediary partners and landlords.’
He continued: ‘Reduced monthly payments and the availability of our buy to let offset mortgage which is designed to further reduce landlord costs, should give landlords greater confidence in a market that has been subjected to far too much interference over the last two years.’
LendInvest has introduced a two-year fixed rate at 2.99 per cent up to 75 per cent loan to value (LTV). Buy to let investors with a 20 per cent deposit are also able to access a two-year fix at a borrowing rate of 3.69 per cent.
The rates are available to portfolio landlords, limited companies and individuals for a limited time only.
LendInvest also decided to reduce the valuation fee on remortgages up to £300,000 to a mere £100. This is provided the property is valued at less than £500,000.
LendInvest is also offering free title insurance on these remortgages for a limited time.
Sales director at LendInvest, Ian Boden, commented: ‘In the five months since launch, our buy to let product has gained impressive momentum, allowing us to step back and regularly evaluate our product offering. At LendInvest we are constantly listening to the brokers we work with and re-assessing how we can adapt and evolve our proposition to best suit our borrowers. These changes are not only huge cost saving initiatives, but also dramatically cut down the time taken to deliver our loans.’