GE Money slashes buy to let rates by up to 0.45%

GE Money Home Lending is to cut rates on some of its key buy to let mortgage products through its First National and First National Direct 2U brands as part of a revamp of its BTL product portfolio.

The attractive rates at 120% rental income include 0.3% reductions for two and three year fixed rate products to 5.44% and 5.54% respectively. For those borrowers looking for a longer fix, five year fixed rate reduced by 0.45% to 5.74% and tracker rates reduced by 0.15% now down to 6.54% based on the 5.0% base rate.

Gerry Bell, Head of Mortgage Marketing at GE Money Home Lending, said: "The buy-to-let sector is a significant part of the mortgage market and we are committed to strengthening our presence there. At a time when many lenders are increasing their rates, our financial strength enables us to offer improved deals for borrowers and brokers. There are currently over a million buy to let mortgages outstanding in the UK today, which highlights the importance and opportunities of this market for both us and our partners."

Other amends to the range include the withdrawal of Simply Rental, 85% loan-to-value products and Low Fee option products. Early redemption charges have been revised.

The new product range BTL 1508 effective from April 11th replaces BTL 1007, which was effective from February 8th.