Competition Between BTL Mortgage Lenders Spells Good News For Investors

04 October 2012 Categories: News

Competition Between BTL Mortgage Lenders Spells Good News For Investors

Two of the UK’s largest buy to let mortgage lenders have both reduced their interest rates over the course of the last ten days, an obvious sign that competition is heating up in the hunt for landlords and property investors looking to expand their portfolios.

Coventry Intermediaries, or more specifically their buy to let mortgage arm, Godiva Mortgages, have reduced the rates on several of their more popular products, including the Flexx for Term mortgage range which has seen a drop of 0.24%. Coventry Intermediaries have also added to their remortgage product range while also launching a legal and valuation package.

It is thought the decision to lower rates and revamp the available products came in response to an announcement by rival UK lender, Keystone, who have recently dropped the interest rates on a number of their top selling buy to let mortgage products, including the 5 year fixed-rate mortgage which now has an interest rate 0.55% lower than before.

The Keystone mortgage products are only available through Mortgages for Business though, the managing director of which, Mr David Whittaker, commented “We think investors will be impressed. For investors who prefer the security of fixing for the longer term, these new rates are extremely keenly priced and only marginally more than the three year fixed and discounted products.”