United Trust Bank has made substantial rate reductions and criteria changes for its BTL mortgage range.
The lender has increased its maximum LTV to 80% and has lowered rates by up to 130 bps
Following the change, pricing for its standard BTL products now start from 5.34% for two-year fixes, and 5.74% for five-year fixes, while its non-standard options for short-term lets (including holiday lets) are now available at 6.97% for two-year fixed rates ad 7.20% for five-year fixed rates.
Meanwhile, its specialist range for HMO and MUBs with up to 10 lettable rooms/units are now priced from 5.44% and 5.89% for two- and five-year fixes, respectively.
In addition, the firm has changed its ICR to a minimum of 125% for basic rate taxpayers and limited companies and 130% for mixed tax band paying applicants across all LTV bands.
Caroline Mirakian, sales and marketing director for mortgages at United Trust Bank (pictured above), said: “We’re responding to increasing confidence in the BTL sector by slashing rates and making it easier for landlords to access great value specialist BTL mortgages.
“Our lower ICRs and increased maximum LTV are great news for landlords who want to take advantage of the sustained demand for rental properties and retain as much of their cash as they can to invest in developing their portfolios.”
