Buy-to-let market update – October

By: Doug Hall, director, 3mc

Welcome to ‘Buy-to-let market’, a column aimed at providing you with recent criteria and product updates within the buy-to-let (BTL) lending markets. The information within this article is correct as at 25/09/2025.

Buy-to-let market update:

The Mortgage Works – has decreased selected standard and limited company BTL rates by up to 0.15 per cent. A two-year fixed rate at 65 per cent loan to value (LTV) has reduced to 2.74 per cent with a 3 per cent lender completion fee and a five-year fix at 75 per cent LTV has reduced by 0.14 per cent to 3.76 per cent with a 3 per cent lender completion fee. Both products are available for new purchase or remortgage customers.

In its limited company range, a two-year fixed rate at 75 per cent LTV has reduced to 3.87 per cent and a five-year fix has reduced to 4.52 per cent, both available for purchase and remortgage, with a 3 per cent lender completion fee and free valuation.

Virgin Money – has decreased two-year fixed rate BTL products with a 3 per cent lender completion by up to 0.15 per cent, now starting from 2.83 per cent at 60 per cent LTV and 3.04 per cent at 75 per cent LTV.

BM Solutions – has increased and decreased selected products for personal ownership BTL and let-to-buy landlords.

NatWest – has released a range of BTL products, including purchase and remortgage options. The products range from 60 per cent to 75 per cent LTV and include a two-year fixed purchase deal priced at 3.63 per cent with a £3,999 lender completion fee.

There are also five-year fixed purchase products at 75 per cent LTV, with lender completion fees starting at £1,499. At the lower lender completion fee, the rate is 4.33 per cent, while pricing is 4.28 per cent with a £1,999 lender completion fee. With a £3,999 lender completion fee, the rate is 4.08 per cent, 3.98 per cent with a £4,999 lender completion fee or 3.88 per cent with a £5,999 lender completion fee.

Santander for Intermediaries – has decreased rates by 0.05 per cent on BTL remortgages at 60 per cent, 65 per cent and 75 per cent LTV, two- and five- year fixed rates.

Metro Bank – has decreased rates by 0.1 per cent across their BTL house in multiple occupation (HMO) and multi-unit freehold block range, two-year fixed rates now start from 3.59 per cent and five-year fixed rates now start from 4.69 per cent.

HSBC – will now offer a £350 cashback for selected BTL purchase or remortgage applications providing there is an in-date energy performance certificate rating of A or B.

Accord Mortgages – has increased rates on its BTL new business range. The lender’s 60 per cent LTV tracker rates have increased by up to 0.09 per cent while 75 per cent LTV tracker rates have gone up by up to 0.1 per cent.

Paragon Bank – has launched new products. With rates starting from 3.35 per cent (two-year fixed) and 4.29 per cent (five-year fixed) for single self-contained (SSC) properties, and 3.70 per cent (two-year fixed) and 4.64 per cent (five-year fixed) for HMOs and multi-unit blocks (MUBs) all these products benefit from a free mortgage valuation.

The lender has a shared exclusive range of products for SAL members. This shared exclusive range of products is aimed at landlords and developers investing in SSC, HMOs and MUBs. Paragon Bank and SAL Mortgages are excited to offer members shared exclusive access to 2-year fixed rates, on the Paragon 75 per cent range.

All semi-exclusive 2-year fixed rate SSC products offer a free valuation, no lender application fee and £350 cashback (£350 cashback not available on Paragon core range products).

The 2 year-fixed rate (HMO/MUB) product offers a free valuation and no lender application fee (usually £299 on Paragon core range products). 

The Mortgage Lender (TML) – has decreased rates by 0.05 per cent on five-year fixed products with fees for standard properties, and by 0.1 per cent on five-year fixed products for HMOs and MUBs.

Leeds Building Society for Intermediaries – has decreased rates on selected limited company BTL products, by up to 0.17 per cent.

Shawbrook Bank – has decreased rates by up to 0.4 per cent on complex BTL products, under £1m in loan size.

Aldermore Bank – has decreased rates across its BTL range including for HMOs, and on five-year deals for landlords with single rental properties, where rates are reduced by up to 0.3 per cent and now start from 6.09 per cent.

For single properties, the lender has launched a limited edition 75 per cent LTV two-year fixed rate at 3.29 per cent with a 5 per cent lender completion fee. An equivalent two-year limited-edition deal for multi-property portfolios has also been launched at 3.24 per cent, with the same lender completion fee and LTV.

Foundation Homeloans – has widened its BTL criteria to accept single household properties let to housing association and local authority tenants. The new criteria apply to individual and limited company landlords on eligible single household BTL and solutions products. Lease agreements of up to five years will be considered.

Hinckley and Rugby for Intermediaries – has decreased rates on two of its BTL products.

The lender’s two-year fixed rate at 75 per cent LTV has been cut from 5.65 per cent to 5.55 per cent. And its five-year fixed rate at 75 per cent LTV, has also been reduced from 5.72 per cent to 5.64 per cent. Both products include a non-refundable lender product fee of £1,249. The lender has also widened access to its BTL products by opening them up to the whole of the market in Scotland.

For further information on BTL mortgages both for individuals and limited companies please contact SAL Mortgages on 0131 450 7169 or visit the SAL website www.scottishlandlords.com

Please note lenders have different minimum criteria requirements and not all landlords and property types will qualify for a specific product. The product rates are correct at the time of writing the article and are subject to change.

This is an advertisement only and in no way should be viewed as a personal recommendation or advice. Before a recommendation of the suitability of the product can be given, we will direct you to 3mc (UK) Limited who can provide specialist mortgage advice. As part of this they will ask questions so that they can fully understand your circumstances before giving advice.

SAL Mortgages is operated exclusively for the Scottish Association of Landlords (SAL) by 3mc (UK) Limited who is Authorised and Regulated by the Financial Conduct Authority and is entered on the FS Register under reference 302992.

Please note: 3mc can advise/arrange Business Buy to Let (BBTL) and Consumer Buy to Lets (CBTL). Of the two, only Consumer Buy to Lets are regulated by the FCA.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

ANY PROPERTY USED AS SECURITY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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