Good news for landlords! Buy-to-let lenders are slashing rates across the board, offering landlords the chance to secure competitive deals. Today, Keystone and BM Solutions have both announced significant rate reductions, with Keystone leading the charge with cuts of up to 25 basis points.
Keystone's repricing includes reductions on their popular summer specials range, as well as deals tailored for houses in multiple occupation, multi-units, expats, and more. The changes see their two-year fixed rates now starting from a competitive 3.54%, while five-year fixed rates begin at 4.59%.
BM Solutions is also offering landlords a chance to save, with rate reductions of up to 16 basis points. Their most significant cuts include:
A fee-free five-year fixed rate for purchases at 75% LTV, dropping from 4.95% to 4.75%.
An equivalent deal with a £1,499 fee, also reduced by 16 basis points, now sitting at 4.58%.
These reductions come amidst a wider trend of falling buy-to-let rates. Landbay has also announced cuts of up to 40 basis points, while Aldermore has launched new products with attractive rates.
This wave of rate reductions follows a recent report from Moneyfacts, revealing that average fixed rates for buy-to-let mortgages are now around 100 basis points lower than they were a year ago. This drop coincides with the Bank of England's base rate being increased to 5.25% last year, prompting lenders to adjust their pricing.
The current market offers landlords a window of opportunity to secure favourable rates. With competition heating up, savvy landlords should take advantage of these reductions and explore the range of options available.