Market update (early july)

Here, we highlight just some of the changes we have witnessed over the past couple of


On 3 rd July, TSB introduced a 5 year fixed rate residential mortgage product with no early

repayment charges within the fixed rate period. Godiva Mortgages already offers this attractive type of mortgage product for buy-to-let mortgages under what they call their

“flexx” range. This gives flexibility for landlords who can still obtain the certainty over

knowing what their monthly mortgage payments will be whilst not having to incur any

repayment charge should they wish to leave their mortgage deal to a new lender or sell

their property.

Kent Reliance, the specialist lender are still only accepting HMO applications for a maximum

of up to 6 bedrooms. Pre-covid they accepted 8 bedrooms but at the moment this is still

temporarily suspended.

Nottingham for Intermediaries have at the end of June launched a new buy-to-let product

range for Limited Company SPVs up to a maximum loan-to-value of 75%.

Meanwhile Ipswich Building Society as of 6th July are suspending all their lending to the buy-to-let property market with immediate effect including Expat buy-to-let and holiday-let


We are seeing lenders withdrawing again on higher loan-to-value products for residential

mortgages. Accord Mortgages have taken off their 90% LTV products after bringing them

back recently on 17 th June. The minimum deposit is now 15% for first time buyers with


The Director, Jeremy Duncombe said that the move was motivated by believing more

lenders would have re-introduced their high LTV products but that belief evidently was not

following through. There is a general consensus from lenders that low deposits of as much

as 5% and 10% of the purchase price for residential mortgages is unlikely to return until

towards the end of the year.

The choice for 80% loan-to-value borrowing for buy-to-let lending remains to be minimal

with only a handful of lenders offering. The mainstream lenders left include Virgin Money,

Leeds Building Society, Accord and Clydesdale. Rates starting from 2.89% as a 2 year fixed

rate with Accord.

It is important to bear in mind that the mortgage market is constantly changing on a daily

basis. What might stand true yesterday may not hold today. It is advised that you contact a

mortgage broker to ascertain the most up-to-date lending criteria and product rates

available to you.


Knowledge Bank intermediary market update emails



Ring anytime, open weekends on 0800 195-8682 or 01865 776707

COVID-19 update: we are still running our business and phone lines as normal. 

Open on bank holiday weekends too.

Please contact me to discuss my buy to let mortgage requirements. Details submitted through this form are confidential. We will process any personal information collected in this form in accordance with our terms & conditions.


The information therein is used only to contact you to discuss the areas you've expressed an interest in.

By clicking submit, I expressly consent to be contacted with a view to bringing to my attention in the future, products or services that may be of interest to me this includes mortgage products not linked to my existing arrangement and any other products and services.

  • Twitter
  • Instagram_AppIcon_Aug2017
  • Facebook

© 2020 Mortgage Advance Ltd. Proudly created by All rights reserved. All Trademarks Acknowledged.


The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK. The Financial Conduct Authority does not regulate all Buy to Let mortgages. This firm usually charges a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity.

Mortgage Advance Ltd is an Appointed representative of PRIMIS Mortgage Network. PRIMIS Mortgage is a trading style of Personal Touch Financial Services Limited which is authorised and regulated by the Financial Conduct Authority.

Mortgage Advance Ltd is a Company Registered in England and Wales 3452851.  Data Protection Registration Z5576877.

Registered address: 15 Firs Meadow, Oxford, OX4 7GR

Give us a ring on 0800 195 8682