Buy to Let Rates Come down Even Further

Grovelawn Financial News 30/08/2008

← Taylor Wimpey dealt a £1.5bn writedown blow | News For August 2008 | Stamp duty suspended for properties under £175k →

B M Solutions have today reduced their rates by up to 0.40% on BTL products with rates under 6% for 85% LTV

Today BM Solutions the specialist BTL arm of the Halifax Bank of Scotland group have announced a selection of 12 new products all with lower rates and in many cases lower arrangement fees.

Rates are now as low as 5.49% and this is a fixed rate for 3 years. At the 85% Loan to Value area they now have six products with a choice of fixed or tracker rates with rates now starting at 5.89% a reduction of 0.40% from yesterday.

This move by BM Solutions should help the lacklustre area of BTL purchase because they are one of only six lenders who will lend at the 85% LTV. They still lend on new build houses at this level an area where the portfolio landlord may now seriously look to re enter at the now heavily discounted house prices.

James Hewson - Director of BTL at Grovelawn Financial said “BM Solutions is currently one of the fastest lenders to offer and at Grovelawn Financial we are getting offers in 1 – 3 days from date of application which is ideal for purchasing distressed sales such as repossessions, auction properties and new build where the timescale to exchange and or complete can be in as short a time as 21 days. This is great new for the Buy to Let sector and may now be enough to give that extra needed confidence back into the residential investment market.”

← Taylor Wimpey dealt a £1.5bn writedown blow | News For August 2008 | Stamp duty suspended for properties under £175k →

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