MT Finance has cut rates across its range of 16 buy-to-let loans by up to 100 basis points.
The specialist lender says its landlord rates now start from 4.65% for two-year fixes on standard residential BTL products.
Its interest coverage ratio stress testing remains at 125% on five-year products across all tax brackets.
The business adds that its reductions come as “many lenders slash rates as the Bank of England’s Monetary Policy Committee continues to hold the base rate at 5.25% amidst falling inflation”.
The Bank of England’s 5.25% interest rate is a 15-year high, but was held for the third time in a row in November as the central bank combats inflation. Prior to that, it had been raised 14 times in a row since December 2021.
UK inflation is currently 3.9%, falling from 10.1% last January, as energy, food and other costs have eased.
MT Finance Head of Lending – BTL Marylen Edwards says: “We are acutely aware how hard the last year has been for landlords and investors and we hope that the latest changes will help to alleviate some of the many pressures they’re facing.”
