Hampshire Trust Bank (HTB) has expanded its specialist buy-to-let (BTL) criteria to deliver greater support to first time buyers and those looking to invest in properties built with modern methods of construction (MMC). Most lenders have a defined list of what types of MMC are acceptable and those that are not, but HTB will consider any type of MMC as security, as long as they are approved by the Build Offsite Property Assurance Scheme. HTB will also now accept applications from non-home owning first-time landlords with an income of over £60,000 per annum. The maximum loan size for first-time landlords is £500,000 and allows for a portfolio of up to four units.

Dudley Building Society has announced a series of rate cuts of up to 0.80% across its residential, BTL, holiday let, expat and self-build mortgages. The society’s two-year fixed residential mortgage rates will see a reduction of 0.70%, down from 5.69% for loans up to 75% LTV and 5.99% for loans up to 90% LTV. The society’s residential discount for term rate for loans up to 75% LTV will also be reduced to 5.99%, while the discount term rate for loans up to 90% LTV will be lowered to 6.19%. On the society’s BTL and holiday let product, rates will start at 6.15% up to 80% LTV, while expat two-year fixes will be reduced to 6.25% and 6.35% for loans at 75% and 85% respectively.

Lloyds Bank has launched its latest switch offer, paying £175 to new and existing customers switching from another bank to a Club Lloyds account between 28 May and 30 July. The £175 will be paid within three days of the switch completing. Club Lloyds customers, including platinum and silver accounts, can choose from a range of lifestyle benefits, such as a 12-month Disney+ subscription and a choice of Vue or Odeon cinema tickets. Club Lloyds account holders can also earn up to £90 in credit interest each year, when qualifying criteria is met, and access to the Club Lloyds Monthly Saver, which pays 6.25% gross/AER interest, where customers can save between £25 and £400 each month. The lender also offers a 0.20% discount off the initial mortgage rate when a Lloyds Bank mortgage is agreed. There is a £3 monthly fee to maintain the account, which is waived each month when £2,000 or more is paid into the account.

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