The drop in rates is due to Aldermore Bank resetting its LIBOR to 0.75 per cent, from 1.05 per cent.
Following the reduction, rates for individual applications at 75 per cent loan-to-value (LTV) are 4.98 per cent for standard properties, down from 5.28 per cent, 5.08 per cent for multi-unit properties, reduced from 5.38 per cent, and HMO properties have dropped from 5.48 per cent to 5.18 per cent.
David Whittaker, managing director of Mortgages for Business, said: “We are always keen to meet the needs of our customers and we believe this reduction offers a genuine choice to investors and landlords looking for alternatives to fixed rates. In particular, applications from limited companies are higher than expected, possibly because we accept trading companies as well as SPVs.”
Rob Lankey, managing director of Commercial Mortgages, at Aldermore, said: “The Keystone Buy to Let Mortgages product range has proven very popular since its launch in April, surpassing all expectations and we believe today’s announcement will help cement its positioning in the buy to let market place.”
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