In June more than half (55%) of agents saw landlords hike their rents, a 22% increase from May.
Following the cuts the lender’s discount rate product include a 2-year product at 2.09% to 65% loan-to-value and a 2-year product at 2.54% to 75% LTV. Both products carry a £1,250 product fee.
The lender has also started paying a contribution towards borrowers’ legal fees for its 5-year fixed rate products at 75% LTV up to a maximum of £850.
The firm launched a buy-to-let lending range today, while it plans to enter the residential lending space.
The number of landlords with one rental property fell from 78% eight years ago to 45%. Meanwhile 17% of landlords now own five or more properties, a 12% increase since 2010.
Research from lettings and estate agent Benham and Reeves has found there’s been 13 fraudulent applications per month in 2019, up from six in 2018.
Vida is launching a 75% LTV buy-to-let product for large loans at 3.59%.
“Let’s not give lenders any more reasons to look elsewhere for distribution.”
Brokers have been urged to check the small print on deals to avoid falling foul of these high default interest rates.
The customer had completed a major refurbishment of their main residence utilising funds raised via two buy-to-let properties, credit cards and personal loans.