Six lenders offering 80% LTV B2L after Kensington withdraws

There are now six lenders offering 80% LTV on buy-to-let after several product launches this month, and the withdrawal of Kensington from the entire buy-to-let market at the end of last year.

Kent Reliance Banking Services, The Mortgage Works, Saffron Building Society, Leeds Building Society, Aldermore and Clydesdale Bank are all offering 80% LTV buy-to-let deals.

Kensington, which pulled its 85% LTV buy-to-let deals in September 2011, is currently offering no buy-to-let products at all.

A spokesman for Kensington says this is a temporary measure and it plans to launch new buy-to-let products soon.

Data from Mortgage for Business shows there are currently 21 different buy-to-let products in the market at 80% LTV or above.

As recently as May 2010 there were no buy-to-let products at all in this LTV band.

David Whittaker, managing director at Mortgages for Business, says: “This is great news for landlords and investors and demonstrates the growing confidence of lenders in this sector who see buy-to-let as more profitable than homeowner lending.

“Between them, there is a good range of products on offer from two year discounted trackers to five year fixed rates. Some even come with flat arrangement fees which really start to make sense for investors looking to borrow larger sums.”