LETTING & ESTATE AGENT

New BTL mortgage rates from Coventry and Skipton

New BTL mortgage rates from Coventry and Skipton

Both Coventry and Skipton building societies have refreshed their BTL mortgage ranges.

The highlights of Coventry’s range include:
• 3.19% fixed rate until 31.10.16, 75% LTV, £250 booking fee, £1,749 arrangement fee, Early Repayment Charges (ERCs) payable to 31.10.16.
• 3.49% fixed rate until 31.10.16, 75% LTV, £250 booking fee, £749 arrangement fee ERCs payable to 31.10.16.
• 2.99% Flexx for Term, variable rate, 75% LTV, £250 booking fee, £1,749 arrangement fee and ERCs.

Colin Franklin, deputy chief executive of Coventry building society, said:” Hot on the heels of our new residential range, we are launching some great mortgages for BTL investors. We have competitive two-year fixed rate mortgages with a range of fees, and for those looking for the flexibility of unlimited overpayments and no ERCs, our Flexx for Term range is ideal.”

Meanwhile Skipton building society claims its “breaking new ground” by launching longer term BTL offerings.

The society’s new five and seven-year deals offer long-term peace of mind for landlords in an uncertain interest rate environment.

The new range includes high fee options to 75% over each fixed term 2, 3, 5 and 7-year and new 7-year fixed rate buy-to-let mortgages, including low rates at 60%, 70% and 75% LTV.

Rates include:
• 2.99% two-year fix at 60% LTV, £995 fees
• 3.99% five-year fix at 60% LTV, £995 fees
• 5% seven-year fix at 75%, £1,995 fees

Paul Darwin, head of intermediary sales at Skipton, said: “This new range of buy-to-lets really is breaking new ground and certainly offers something for everyone. In particular it’s great for landlords who, thanks to the longer term deals, want to secure their future in terms of buy-to-let commitments.

“We’re also really pleased to announce an increase in buy-to-let proc fees for brokers. In doing so we’re able to share the benefit of having longer term relationships with customers, thanks to this new range. We continually review our position against competitors and we have seen encouraging growth in the buy-to-let arena. So with all of this in mind, I am thrilled to announce an increase in proc fees to 50bps across the buy-to-let range, from tomorrow, 17 September.”