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Investec cuts buy-to-let mortgage rates by 1%
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Investec Private Bank has moved to introduce a new range of loan-to-value (LTV) bands across its buy-to-let mortgage product range. Borrowing rates have been slashed by up to 1%.
The lenders says its new buy-to-let mortgage rates will begin at 2.5%, plus three-month Libor at 50% LTV. In addition, Investec is also launching a 60% LTV from 2.75% and a 70% LTV at 3.10%.
Services
Investec provides both buy-to-let and residential mortgages to people looking to borrow between £250,000 and £10m, with a minimum annual income of £300,000 and assets totalling at least £3m.
Peter Izard, business development manager at Investec Private Banking, noted, ‘despite recent tax changes, the buy-to-let market remains an attractive proposition for investors. We’re delighted to be announcing these significant rate cuts today, which will be a real boost for landlords seeking larger loans.’[1]
Investec cuts buy-to-let mortgage rates by 1%
Alterations
The Bank is one in a number of lenders to cut buy-to-let mortgage rates in recent days, with competition fierce in the market.
Santander cut rates by up to 0.25% on some fixed products, while Virgin Money’s reductions have seen buy-to-let rates at 75% start from 2.19%. Natwest has reduced its standard buy-to-let two year fixed range for both purchase and remortgage by between 19-23 bps. Accord Buy-to-Let also announced plans to expand into the consumer buy-to-let market in the coming months.
Chris Maggs, Accord Buy-to-Let’s commercial manager, noted, ‘despite the uncertainty in the buy-to-let arena we believe that it will remain a robust market.’[1]
[1] https://www.landlordtoday.co.uk/breaking-news/2016/9/investec-slash-buy-to-let-mortgage-rates-by-up-to-1
