Here is an update from the BTL and Commercial Mortgage lender, Hampshire Trust Bank. For full details see their latest product information here. This is a packaged only lender so give our team a call and we can talk you through any enquiries you may have.
HTB Announcement
Specialist Mortgages Update
I am writing to advise you of an increase in our lending rates for our Buy to Let products effective from Monday 30th May.
You don’t need me to tell you, but rates have been on the up. Our costs of funds has steadily increased throughout 2022 and we have done all we can to avoid passing that increase onto your clients but there comes a point when we have to move. We have never pulled offers or stopped lending – even throughout any of the national lockdowns. One of our strategic goals is to be a lender who will always be there for you and your clients, but to do this we need a sustainable model and that has led to our decision to increase our rates by 0.25% – which is a modest increase given the Bank of England Base Rate has increased by 0.9%.
As part of our commitment to you, we will always endeavour to give you as much notice of any rate increases to help you manage your business. We know your clients have more complex mortgage requirements, after all a Foreign National wanting to buy a Holiday Let via a Limited Company may be a little difficult to package up with just a few hours’ notice.
So, from the 30th May, our rates will increase by 0.25% for all Buy to Let products and an updated rate card will be available on the website. Any dips on the existing rates will need to be submitted by close of business on the 27th May (just over a week away).