Lender,revamps,buy-to-let,home finance, share, loan Lender revamps buy-to-let home loan range
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In news that may be of particular note to those with Leeds Building Society savings, the lender announced earlier this week (August 30th) the launch of a fresh suite of short-term products designed specifically for landlords.All these two and three-year have been subjected to reductions of up to 0.85 per cent , while also offering the flexibility of permitting ten per cent capital repayments annually without penalisation.For instance, consumers can now take out a three- year fixed home loan out at a rate of 4.29 per cent with a loan-to-value figure of 60 per cent attached to it.Kim Rebecchi, sales and marketing director at the company, believes these deals afford "significant benefits" to professionals.And there may have never been a better time to become a landlord, as James Davis of Upad recently noted that demand for rental properties is now "going through the roof".In related news, first-time buyers are struggling to access home loans, an expert believes.A lack of fluidity in the mortgage market is forcing prospective first-time home loan borrowers into an expensive rental market, an expert in the industry has said.Katy John, press officer at online resource Priced Out, feels that such people are currently stuck between a rock and a hard place, as neither signing up for products such as or leasing a house are cost-effective options.Research published recently (August 29th) by Halifax revealed it is now £110 a month cheaper for a first-time buyer to purchase a home than rent.This represents a significant shift in comparison to previous years as, for example, it was £212 per month more expensive to buy than rent in 2008.And Ms John went on to explain that while the private rented market remains both the least affordable and secure housing sector, are also struggling as a result of the "shortage in supply, high house prices and the requirement to save up a large deposit".This comes as new research indicates that Britons with an offset mortgage could provide a significant boost to their repayment programme by renting out a spare room in their property.According to a study published last Friday (September 2nd) by First Direct, consumers holding such a home loan may be able to take up to 29 months off their mortgage by leasing out a bedroom not used regularly.
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