A number of buy to let, commercial and residential lenders have launched new products as the year-end approaches.
Norwich & Peterborough Building Society (N&P) is offering a new 5-year fixed rate of 3.89% with a fee of 1.25%. The stress test remains at 5.5% with 125% cover. The loan reverts to N&P’s SVR of 4.99% after 5 years.
The new ranges include a 3-year fixed buy to let and 3-year fixed new build product. There are rate reductions of up to 0.10% on the current on-sale residential 5-year fixed purchase products at 85% LTV. Its new range of 7-year fixed residential products are being offered at 75% and 85% LTV.
Meanwhile Paragon Premier has withdrawn its entire range and in its place has launched four 3-year fixed-rate products, two at 70% and two at 80% LTV, all with no valuation and administration fees.
Elsewhere, two lenders are reaching out to portfolio landlord clients by increasing their total borrowing threshold. Both Foundation Home Loans and Keystone Property Finance have increased the limit for each client from £2 million to £3 million. In both cases there is no limit on the total number of properties that can be held, nor on the number of properties held within the overall portfolio.
And finally, buy to let lender Landbay has launched a pilot scheme offering free valuations on its standard product range for 5-year fixed-rate deals. The offer will apply to standard 75% and 65% LTV product on five-year fixes only, and to properties with a value of up to £500k. The borrower will still pay a £150 application fee.
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