There’s no denying that buy to let has been central to financial news this week, as the news of tax relief cuts for landlords left many feeling raw. As such, Santander has recently updated its buy to let product offering, with new 60% loan to value (LTV) and 75% LTV products now available for both house purchase and remortgages. Like many lenders, Santander has been making the most of the festive season and is spreading cheer with the extremely low cut rates on offer to its customers. However, these are available for a limited time only – so now is the time to relish a low rate while you still can.
Santander’s latest product range now includes a 2 year fixed rate at 60% LTV with a rate of 1.99% which comes with a 1.5% booking fee. A 2 year fixed rate of 2.54% at 75% LTV is also available with a 1.5% booking fee, as well as a 5 year fixed rate at 75% LTV with a 1.5% booking fee now at 3.64%.
The lender’s new buy to let proposition comes with 125% rental cover which is based on a 5% affordability rate, as well as providing free standard valuation for any property valuations up to £2.5 million.
Santander is also ensuring that all buy to let purchase and remortgage applications with free standard valuation have the valuation instructed as soon as the case is initially set up. This will be straightaway for applications set up before 4pm each day, or the following day for any processed afterwards.
Elsewhere in the market, Precise Mortgages is another lender tapping into the buy to let sector, now revealing a limited edition 75% LTV buy to let product range. Lifetime tracker rates have been reduced by 0.26%, while 5 year fixes have seen a discount of 0.4%. 2 year fixed rates have also been lowered by 0.3%, while 2 year tracker mortgages are now available at a rate of 3.39%.