Mortgage Express in trouble & buy-to-let mortgage LATEST

MORTGAGE EXPRESS

Landlords if you think you've got problems with your buy-to-let loan. Spare a moment for the Bradford & Bingley. The nationalised bank which owns Mortgage Express the specialist buy-to-let lending subsidiary.

It reported that the total number of loans three months or arrears in possession equated to 4.6% of its £41 billion mortgage book. It also announced that it had made a £65.5 million loss on sold property, presumably mainly repossessed as a posed to the £23.8 announced in 07.

BUY-TO-LET MORTGAGE LATEST

As you would expect lending conditions in the buy-to-let mortgage market are still tight. Lenders seem uber cautious over lending whilst property prices still continue to fall. The one exception is the Nationwide and their lending subsidiary the Mortgage Works. Obviously buoyed by the announcement this week that house prices actually went up last month according to their figures they are the one lender who seem keen to lend aggressively to landlords at what is approaching a reasonable rate. They are the only mainstream lender that offers a sub 4% rate for both fixed and variable rates. Currently they are offering a 3.99% fixed until 30/04/10. Their best variable buy-to-let mortgage rate is a 3.39 variable to 30/04/10 which reverts to a pay rate of 3.99%. For more details search our buy-to-let lender table.

Latest buy-to-let mortgage news from emoneyfacts:

• Cumberland BS
• END DATE on buy-to-let DISCOUNTED VARIABLE RATE MORTGAGE extended to 1.7.12, w.e.f. 2.4.09....more
• 03 Apr 2009
• Coventry BS
• Buy-to-let FIXED RATE MORTGAGE of 5.29% to 30.6.12 & 5.40% to 30.6.14 withdrawn, w.e.f. c.o.b. 2.4.09 & NEW FIXED RATE of 5.40% to 30.6.14 maximum 50%, launched w.e.f. 3.4.09....more
• 02 Apr 2009
• Godiva Mortgages
• Buy-to-let FIXED RATE MORTGAGE of 5.29% to 30.6.12 & 5.40% to 30.6.14 withdrawn, w.e.f. c.o.b. 2.4.09 & NEW FIXED RATE of 5.40% to 30.6.14 maximum 50%, launched w.e.f. 3.4.09....more
• 02 Apr 2009
• Stafford Railway BS
• Buy-to-let INCOME MULTIPLES reduced to 3 x 1st income or 3 x joint income, w.e.f. 1.4.09....more
• 02 Apr 2009
• Allied Irish Bank (GB)
• Buy-to-let STANDARD VARIABLE MORTGAGE RATE reduced by 0.36% to 4.99%, w.e.f. 1.4.09....more
• 02 Apr 2009
• Cumberland BS
• Buy-to-let DISCOUNTED VARIABLE RATE MORTGAGE of 4.99% to 1.4.12 withdrawn & replaced with new rate of 4.79% (0.61% discount) to 1.4.12, w.e.f. c.o.b. 2.4.09....more
• 02 Apr 2009
• Furness BS
• All buy-to-let MORTGAGE PRODUCTS withdrawn, w.e.f. 1.4.09....more
• 02 Apr 2009
• Manchester BS
• Buy-to-let STANDARD VARIABLE MORTGAGE RATE reduced by 0.25% to 4.84%, w.e.f. 1.4.09....more
• 01 Apr 2009
• RBS IP NatWest
• NEW buy-to-let FIXED RATE MORTGAGE for remortgages only, available via directly authorised brokers only of 5.95% to 30.6.11, w.e.f. 1.4.09....more
• 01 Apr 2009
• Northern Bank (NI)
• Buy-to-let VARIABLE TRACKER RATE MORTGAGE reduced by 0.50%, w.e.f. 1.4.09....more
• 01 Apr 2009

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