We have two new lenders in the market in 2015 and the positive effects are already being seen in the specialist BTL market.

First the single let market. Not much news this month although the highlight is Mortgage Trust (part of Paragon) lending in Scotland again. There are a range of fixed rates at 65%, 75% and 80% with various fee options.

The Mortgage Works are tweaking their products again with new borrowers able to take advantage of stepped early repayment penalties rather than a set percentage for the period of the product. So if circumstances change and you have to repay earlier then the penalties will be less.

Foundation Home Loans have now released their products and there is welcome competition in the adverse credit market. Many landlords and investors have blips on their credit file and to date we have only had Precise and some of the specialist lenders in the market. They have a range of light adverse rates. Light adverse is a maximum of 1 CCJ up to £2,000 within the last 2 years. A maximum of 1 missed secured payment in the last 2 years or unsecured a maximum of 2 missed payments on 1 account. Credit has to be clean within the last 6 months.