Lender cuts variable mortgage rates across BTL product range

Investec, which specialises in High Net Worth Individuals as clients, has made cuts of over 50bps made to some products.

• Tracker mortgages:
  • Two-year variable 85% and 90% LVT reduced by 30bps
  • Five-year variable 85% and 90% LTV reduced by 58bps
• BTL Mortgages:
  • Five-year variable 70% LTV reduced by 42bps

A spokesperson says: “We are pleased to announce our latest reductions, which follow our recent cuts to residential mortgage fees and cap on arrangement fees. These changes demonstrate our commitment to listening to our brokers and continuously seeking ways to enhance our offerings. As a result of these reductions, we are now even more competitive in the market. These enhancements not only complement our high levels of service and speedy decision-making but also deliver an out of the ordinary experience for both brokers and their clients.”

Investec recently announced reductions in residential mortgage fees from 1.00% to 0.50% as well as a cap on arrangement fees for owner-occupiers.

As a result of these changes the following fees apply:

• Residential mortgage arrangement fees:
  • Reduced from 1.00% to 0.50%.

• Self-Build arrangement fees:
  • Reduced from 1.50% to 1.00%.

• Arrangement fee cap:
  • Now capped at £50,000 for owner-occupied, £75,000 for self-build.

Investec provides loans of up to £10 million with fixed and variable rates for two to five years. 

This article is taken from Landlord Today