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Kensington Mortgages and Roma Finance have both launched new buy to let investment mortgage products.
Kensington has reduced rates across its buy to let mortgage range by 0.4 per cent on 2 and 5-year fixes, up to 75 per cent loan-to-value.
Rates now start at 2.54 per cent for a Kensington two-year fixed and 3.64 per cent for a five-year fixed, at 70 per cent LTV. Similarly, rates have fallen to 2.69 per cent and 3.79 per cent at 75 per cent LTV for 2 and 5-year fixes respectively.
Additionally, a Kensington 2-year fix at 80 per cent LTV now starts at 3.24 per cent and 4.09 per cent for a 5-year fix – a reduction of 0.25 per cent.
Kensington has also launched a new combined £250 cashback and free valuation, to sit alongside its current free legals and free valuation.
This new offer is available on the residential and buy to let including limited company remortgages.
Craig McKinlay, new business director, Kensington Mortgages, said: ‘The private rental sector is a vital part of our housing market. We’re always keen to empower landlords across the UK by increasing the options available to them.’
Meanwhile, bridging company Roma Finance has launched a medium-term mortgage product that borrowers can use to exit Roma’s bridging loan once their property project has been completed.
The five-year buy to let mortgage can be taken either on a repayment or interest-only basis up to 75 per cent LTV on a maximum loan size of £500,000.
The product is initially being offered to existing customers to assess demand.
At the time of refinancing from bridge to term, the property does not need to be fully let as the borrower’s other income will be taken into account.
Scott Marshall, managing director at Roma Finance, said: ‘This unique product allows our customers to move onto their next project once their ‘build or renovate to rent’ project has been completed and is yet another example of how Roma Finance continues to find new ways to de-risk bridging loans for its customers.’