The Nottingham has made reductions to its limited company buy-to-let mortgage range.
It has repriced three 65% and 75% LTV products, and also confirmed criteria enhancements which it believes could appeal to landlords looking to add to their portfolios.
Their five-year fixed 75% LTV mortgage with fees (£0 upfront, £999 total) is available at a rate of 3.10% (was 3.40%). A product fixed for the same period – and also at 75% LTV – but with no fees has been cut to 3.40% (from 3.70%). This product is fee-free.
The Nottingham’s five-year fixed 65% LTV limited company buy-to-let offering is now priced at 3.25%, down from 3.40%.
It has also announced the lending criteria changes, which apply to all buy-to-let (including limited company) products.
The changes are as follows:
- Maximum loan size increased to £750k (from £500k). This can be on interest-only
- Maximum number of bedrooms in property being purchased increased to five (was four)
- Minimum landlord experience required for portfolio landlords decreased to 24 months (from 36)
Nikki Warren-Dean, The Nottingham’s head of intermediary sales, said: “As we’ve said when making rate cuts on a number of occasions over the last couple of months, having a flexible and competitively priced product range is very important.
“However, lending criteria is also important too. We pride ourselves on being #BuiltAroundBrokers and are pleased to say that these extremely positive criteria changes come partly as a result of their feedback – further evidence of great working relationships between us as a lender and the broker community.”