GEMHL slashes B2L rates

GE Money Home Lending has cut the rates on its buy-to-let range.

Its two and three-year fixed rate deals have been cut by 0.3% and its five-year fixed rate product has been reduced by 0.45%. GEMHL has also cut its buy-to-let tracker rates from 6.94% to 6.45%.

The completion fee on loans of up to 150,000 is 2,799 and 3,799 on deals above 150,000. All deals in the range feature 120% rental income cover.

Gerry Bell, head of mortgage marketing at GEMHL, says: “The buy-to-let sector is a significant part of the mortgage market and we’re committed to strengthening our presence there.

“At a time when many lenders are increasing their rates, our financial strength enables us to offer better deals for borrowers and brokers.”

He adds: “There are over one million outstanding buy-to-let mortgage deals in the UK, which highlights the importance and opportunities the market offers us and our partners.”

Jonathan Moore, head of marketing at Mortgages for Business, says: “These are reasonably competitive deals. They have good headline rates but GEMHL will make its margins from fees.

“Consumers opting for more expensive products will get good deals but for a 100,000 mortgage a fee of nearly 3% is quite high.”