Abbey for Intermediaries has launched into the BTL market, with a range of deals for non-professional landlords with up to 2-BTL properties with the lender.

Deals include, 2-year fixed-rate at 4.2% up to 60% LTV, and 2-year fixed-rate at 5.19% up to 75% LTV, both with a £1,495 admin' fee.

Abbey's entry into Buy-to-Let has been speculated upon for many months, with Miguel Sard (MD) confirming in October it would launch into BTL exclusively through intermediaries channels only.

Both BTL products are available to homebuyer or remortgage, with homebuyer offered with a free standard mortgage valuation and £250 cashback on completion.

Phil Cliff, Director of Retail Assets for Abbey for Intermediaries, said: The buy-to-let market has seen strong growth throughout 2011 as demand for quality rented accommodation in the private sector continues to rise. Interest rates remain low and rental yields are at their highest level for some time ... We are delighted to be able to support the intermediary market with the launch of our buy-to-let offering for non-professional landlords. The range is designed to meet the needs of new or small volume landlords adding a first or second buy-to-let investment property, and we expect to see strong interest from intermediaries and their clients.

IMPROVED BTL Criteria For Higher Income [article II]

NatWest Intermediary Solutions has revised the rental calculation it uses to assess affordability for Buy-to-Let (BTL) mortgages, making it more attractive to higher income applicants.

Applicants who prove they can afford to cover rental voids and buildings maintenance and who have no more than 3-BTL properties, may be offered the reduced rental cover calculation of 100% at 7% lending rate, compared to 125% at 6.75%.

This means an applicant fitting the criteria looking to borrow £200,000 would retain £240 more in monthly rental income than previously. Even for a loan of £60,000, it would result in a saving of £71 in the monthly rental income requirement.

Graham Felstead, Head of Intermediary Channel, NatWest Intermediary Solutions, said: From a lenders' point of view, it's important to balance the mix of business you attract. We have focused our buy-to-let lending on broker clients with smaller portfolios rather than the professional landlords' sector, so this improved rental calculation should prove to be attractive to intermediaries who have clients operating in this sector of the market."

Every now and then history favours a selct band of motivated people. Those thinking about entering the Buy-to-Let market have a tremendous opportunity with so many factors have come together to get them started on the property ladder and take control of their own financial future! 

For details of the above NEW deals, speak with your Independent Mortgage Broker or call for an introduction.

 

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