United Trust Bank (UTB) has announced a series of rate reductions and lending criteria adjustments for its buy-to-let mortgage range at the start of 2024.
The lender is now offering rates from 5.34% and has increased the maximum LTV available to 80%.
Income Coverage Ratios (ICRs) have been set to a minimum of 125% for basic rate taxpayers and limited companies, with 130% for those paying at mixed tax bands. These changes apply across all LTV bands.
Interest rates have been decreased across all product fee plan options, with 2-year fixes starting at 5.34% and 5-year fixes starting at 5.74% for standard single dwellings.
Rates for specialist HMO and MUB properties begin at 5.44% for 2-year fixes and 5.89% for 5-year fixes.
The non-standard range, which includes holiday lets, has 2-year fixes starting at 6.97% and 5-year fixes from 7.20%.
Caroline Mirakian, sales and marketing director at UTB, said: “We’re responding to increasing confidence in the BTL sector by slashing rates and making it easier for landlords to access great value specialist BTL mortgages.
“We lend on many property types and construction styles mainstream lenders won’t, with no minimum on personal income and no credit scoring.
“Our lower ICRs and increased maximum LTV are great news for landlords looking to invest in their portfolios.”
