September specialist mortgage and buy to let update

As the specialist mortgage and buy to let lenders switch and change their products so frequently, we thought it would be helpful to provide you with the below summary of the latest criteria changes.

Many buy to let lenders are waiting until the last minute to reveal their new underwriting processes following the PRA changes, so please expect to see a flurry of communications from high street and specialist buy to let lenders in the coming weeks.

Precise Mortgages

Last week, Precise released new products across their five year fixed standard, HMO and limited company buy to let ranges. Five year rates start from 3.59% on their standard range and 3.49% on their HMO and limited company range. Selected products now also include 4% cash back and a max loan size of £3m.

Keystone Property Finance

The lender has recently announced that it will be bringing forward plans to raise the procuration fee on their Classic Range products by 10 basis points. The increase reflects recognition from the lender of the increased workload which brokers will be required to complete following the PRA changes.

Fleet Mortgages

As an unregulated buy to let lender, Fleet’s products will not change following the PRA changes, which means the lender will still be able to offer rental calculations at 125% @ 5% and competitively priced products for limited companies, HMOs and MUBs.

Aldermore

Ahead of the PRA changes, the lender has released a guide which sets out their process and requirements after 30th September 2017. The guide can be accessed by clicking on the link below.

Read Aldermore’s new PRA process changes

Pepper Homeloans

To help landlords to maximise their borrowing, even if they’re failing credit score, the lender is offering five year fixed rates from 3.48% – with no credit scoring. The lender also does not have a maximum value for CCJs or defaults.