Buckinghamshire Building Society has launched a new non-standard credit buy-to-let (BTL) mortgage, following broker demand. The product is available with a three-year discount of 2.40% on the standard variable BTL rate, giving a current rate of 6.39%. The product is available up to a maximum of £500,000 and up to 75% LTV with no application fees and a product fee of £1,195. It has been designed to support landlords with missed payments on secured and unsecured loans, defaults, CCJs, mortgage arrears and payday loans, as well as missed utility payments, with brokers making solutions were required for landlords with minor credit issues. The BTL non-standard credit mortgage is available to both individual landlords and limited companies with a maximum of three BTL properties on both regulated and consumer BTL properties.

Market Financial Solutions (MFS) is widening its use of title insurance across its residential bridging and BTL mortgage products. Title insurance is a form indemnity insurance that reduces the need to complete the property searches, investigation and checks typically required at the underwriting stage and throughout the conveyancing process. MFS can therefore cut the time taken to process applications and deliver refinancing to clients. Having initially launched title insurance on remortgages up to £1m earlier this year, MFS has expanded this to £3m across residential bridging and BTL, including its new bridge fusion range. Newer properties are included un this, and the specialist lender can also take multiple properties on one loan to improve speed and cut costs.

CHL Mortgages has refreshed its BTL range, lowering rates across its two-year fixed products to start from 2.87% and introducing a number of criteria enhancements. The range will see rates on two-year fixed-rate products reduced by up to 42 bps, with LTVs up to 75% and a choice of product fee options. CHL has also increased the maximum loan amount available at 70% LTV to £2m, while also increasing aggregate borrower exposure to £5m with no limit on the number of individual loans. The LTV available for new-build and ex-local authority flats has been increased to 75%, and the lender is now accepting applications for properties on the Isle of Wight. The range is suitable for individual, limited company and HMO/MUFB landlords.

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