MT Finance slashes landlord rates, saving up to 100bps.

MT Finance has announced that it is cutting rates on its buy-to-let loans by up to 100 basis points. The specialist lender’s new rates start from 4.65% for two-year fixes on standard residential BTL products. The interest coverage ratio stress testing remains at 125% on five-year products across all tax brackets. The reductions come as “many lenders slash rates as the Bank of England’s Monetary Policy Committee continues to hold the base rate at 5.25% amidst falling inflation”. The Bank of England’s 5.25% interest rate is a 15-year high, but has remained unchanged for the third consecutive time in three months as the central bank combats inflation. UK inflation currently stands at 3.9%. Energy, food and other costs have eased slightly since January 2023 when inflation was at 10.1%.