Aldermore has launched two, limited edition five year fixed rate buy to let mortgage products this week, which are now available to individuals applying for a buy to let mortgage on single residential units, or for a purchase or remortgage.
The first is available up to 70% loan to value (LTV) on loans up to £1 million, with a rate of 3.18%, while the other is available on loans to £600,000 with up to 75% LTV at 3.25%. Both products come with a 1.5% product fee and £199 application fee.
Elsewhere, specialist lender Together has also launched a five year fixed rate residential mortgage, marking the first release of this kind in the lender’s history. This is available across its first charge product range, including Right to Buy, Shared Ownership, purchase and remortgage deals.
The product is available on either a repayment or interest only basis up to 75% LTV, with a rate dependent on the client’s personal circumstances. This also comes with no early repayment charges.
Longer term fixed rates are beginning to flood the market once more and have proven particularly popular for borrowers looking to secure their finances, not to mention for peace of mind amid market uncertainty. Lenders have undoubtedly been tapping into this area as a result.
Coventry for Intermediaries has also decided to relaunch its previous range of three year fixed rate residential products, available between 65% and 90% LTV, all of which come with no arrangement fee.
These include rates starting from 2.19% up to 65% LTV, 2.35% up to 75% LTV and 2.89% at 90% LTV.
This follows the lender’s move to introduce a new range of seven year fixed residential rates last week, including an extremely competitive rate of just 1.99% up to 50% LTV or 2.55% up to 85% LTV. The lender also recently reduced a selection of rates across its two year and five year fixed buy to let mortgage and residential products.