The Mortgage Lender cuts the fixed rate product for landlords by as much as 20 basis points. More precisely, rates on two-year and five-year fixed-rate products are reduced. It targets standard properties, HMOs, and MUBs.
These cuts, according to TML, applied to the two-year fixed-rate products offered to customers. Rates for standard properties now begin at 4.49% compared with the previous 4.69%. Meanwhile, for HMOs and MUBs, rates start at 4.69%, from 4.89%.
Changes have also been made in the spectrum of the five-year fixed-rate options. The fee-charging products for the standard properties now start at 4.66%, while HMOs and MUBs begin with rates at 4.91%. All of these are 5bps declines. Meanwhile, fee-saver five-year fixed-rate deals took a 10bps cuts. So now the standard properties start at 5.86%, which was 5.96%, while the HMOs and MUBs begin at 6.09%, which originally began at 6.19%.
In an interview, Steve Griffiths, chief commercial officer at The mortgage advisor sheffield, stated that the business is keen to develop flexible financial solutions for landlords. "We are committed to supporting customers whose needs may not be met by mainstream lenders and continue to review and adjust our offering based on the realities of the evolving landscape, he said.
These rate cuts move TML towards providing more competitive offerings in the market, especially for landlords dealing with standard residential properties and more complex property arrangements.
Hanley Economic Building Society, on the other hand, has rolled out a two-year fixed-rate mortgage product that it pegs specifically at home movers and remortgages. The offering free of fees will surely attract borrowers looking to tie up to some stable rate.
This gives a two-year fixed-rate deal at a competitive headline rate of 4.99% up to an 80% loan-to-value (LTV). In addition to these free benefits, £250 cashback is also available with this product, which adds even more value to the borrower.
This product loan size starts at £30,000 with available funds up to £1.25 million for those who have a 50% LTV, £1 million with a 60% LTV, and £500,000 for an 80% LTV. The offer is available over properties across England, Wales, and Scotland, and by referral over the Scottish Islands.
Every mortgage application will, therefore, be treated by Hanley's in-house underwriting team, minus credit scoring. According to him, this personalized approach is targeted at the unique financial situations of the client.
David Lownds, Head of Products and Marketing, Hanley Economic Building Society commented: "This product provides highly competitive appeal to homeowners at a time when we are seeing increased levels of activity, with likely further positive momentum through the remainder of the year for the housing market at large.
About Mortgages Remortgages
Mortgages Remortgages is a mortgage advisor Rotherham firm situated in Doncaster where no charge expert advice is provided to homeowners and first-time buyers to make the right choice and get the best deals regarding the remortgaging of mortgages. Under the guide of Stephen Kerrigan, the comprehensive cover of a massive amount of mortgage services includes various types of offers such as first-time buyer deals, remortgages, buy-to-let advice, and consultancy about the Help to Buy scheme. Mortgages Remortgages has served clients in all corners of South Yorkshire and the entire UK for over 20 years, providing personalized mortgage solutions to fit every financial requirement.