New 5 year fixed buy to let mortgage rates

Aldermore Bank has revealed a new range of limited edition five year fixed mortgage rates, now available exclusively for landlords with a 30% or 35% deposit. The latest products are available up to 70% and 75% loan to value (LTV) with a rate of 3.18% and 3.25% respectively, for loans up to £1 million.

These products are available for both buy to let purchases and remortgages on single residential units, and come with a completion fee of 1.5% and booking fee of £199. Along with this, the lender’s Standard Variable Rate (SVR) has now been lowered by 0.25% in line with the Bank of England base rate reduction, lowering the SVR from 4.98% to 4.73%.

Also making changes to its five year fixed rate offering this week was Newcastle Building Society, having now launched a new range of products available up to 85% LTV. These come with a rate of 2.7% and have no reservation or completion fees, or from 3.3% up to 90% LTV with free standard valuation.

However, that’s not all for the lender, with Newcastle Intermediaries also revising a range of self-employed mortgages, this time with offers exclusively designed for self-employed borrowers who have been trading for two years of less. The new range consists of two year fixed rate products, which also include free valuation.

Elsewhere in the market, Virgin Money has reduced rates across its core residential and buy to let product ranges, including new two year fixed rates from 1.44% up to 65% LTV, with a £995 product fee.

Virgin’s 90% LTV two year fix has also been cut to 2.35%, with two year fixes now starting from 2.19% for buy to let mortgages. New five year fixed mortgage rates are also available from the lender, with a rate of 1.99% up to 65% LTV or 3.19% for buy to let mortgages. Both buy to let rates come with a £1,995 product fee and £500 cashback for purchase and remortgage customers.

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