View more on these topics

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.”

Recommended

B2L could thrive despite market turmoil

At the beginning of 2008 it was widely predicted that turbulent times lay ahead for the mortgage industry and Q1 has certainly seen the market undergo significant changes.

Future in secured loans rumour

Future Mortgages is rumoured to have temporarily halted its secured loans business. The Citigroup subsidiary is expected to make an announcement about the rumour this week.

TMA registers 7,000th broker

The Mortgage Alliance has registered its 7,000th broker. The mortgage club says it is pleased with its growth levels at a time when it’s important for brokers to choose their business partners wisely.

Newsletter

News and expert analysis straight to your inbox

Sign up