Pepper Money has announced a number of improvements to its Buy to Let mortgage offering, including lower rates on important products and more people being able to get loans for Houses in Multiple Occupation. The modifications are meant to make it easier for landlords to afford their properties while also making the lender’s offer stronger for mortgage brokers.
The specialist lender has cut rates by up to 25 basis points on two-year fixed products and up to 15 basis points on five-year fixed packages. They have also made it possible for properties with EPC ratings of D or E to qualify for HMO loans. The changes are a practical response to changing market conditions and the needs of landlords.
Like the rest of the Buy to Let range, affordability is still based on ICRs instead than personal income or bank statements. An independent RICS surveyor looks at rental income.
Paul Adams, the Sales Director at Pepper Money, said, “These new improvements show that we are still committed to helping landlords in a tough market.” We’re immediately reacting to broker input and the needs of landlords who are dealing with rising expenses and changing rules by lowering rates on important Buy to Let products and making our HMO criteria more flexible.
“We’re still focused on offering specialised loan products that promote speed and affordability in the real world, while also expanding our Buy to Let offering. This is another step towards making our service better for brokers and their landlord clients, and more improvements are on the way.
