Nottingham Building Society cuts buy-to-let mortgage rates
The Nottingham has reduced rates on its limited company buy-to-let mortgage range.
The building society has repriced three of its mortgages, available up to 65% and 75% of the property’s value (loan to value).
The new rates include:
- A five-year fixed at 3.1% up to 75% loan to value, with a £999 fee
- A fee-free five-year fixed rate at 3.4% up to 75% loan to value
- A fee-free five-year fixed rate of 3.25% up to 65% loan to value.
The lender has also changed its lending criteria, increasing its maximum loan size to £750k from £500k.
Plus it has increased the maximum number of bedrooms allowed in the property being purchased to five from four and will now accept landlords with 24 months’ experience (down from 36 months).
The Nottingham’s head of intermediary sales, Nikki Warren-Dean, 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.”