Lenders Vida and The Mortgage Works (TMW) have both made improvements to their BTL products.
Vida
Vida has slashed its BTL initial rates by up to 70bps, starting from 5.74% for five-year fixed products and 6.84% for two-year fixes.
It has also introduced limited edition five-year fixed products at 75% LTV — accompanied by a 6% fee — available for single units, HMOs and MUBs from 5.14%.
The range is backed by Vida’s service pledge, which allows brokers to request a refund of the £180 application admin fee if they feel they have received anything but excellent service.
TMW
TMW has revealed enhancements to its affordability assessment applied to portfolio landlords.
The lender is increasing the maximum aggregate LTV from 65% to 75% for portfolio landlords with more than 10 BTL properties.
TMW is also reducing its stress rate used across the portfolio from 5.25% to 5%.
Dan Clinton, head of specialist lending at TMW, said: “[We] continually look at ways to enhance our proposition to serve a wide range of landlord needs.
“We always value and listen to feedback and hope these latest changes demonstrate TMW’s commitment to portfolio landlords, brokers and the BTL market.”
