In a bid to attract buy-to-let landlords, several lenders have revised their offerings as competition in the market intensifies.

Melton Building Society has introduced four new fixed-rate products tailored for both business and family buy-to-let landlords.

Paragon Bank has streamlined its buy-to-let mortgage range by eliminating the distinction between portfolio and non-portfolio landlords. The consolidation has resulted in a reduction of product guides from nine to three, now categorized under buy-to-let, switch, or further advance mortgages.

“The simplification of our buy-to-let product range was driven by conversations with brokers, as well as our culture of challenging how and why we do things, streamlining processes and making it easier to do business with us,” stated a Paragon spokesperson. “Much of what we’ve done has taken place in the background, but brokers landing on our intermediary web page will notice it is cleaner and all the important information is easy to find.”

Hodge has also made significant changes, now offering loans on properties with a fully self-contained annexe. These annexes can be either let on a short-term basis for holiday letting or occupied by relatives of the property owner. This move reflects Hodge’s recognition of the increasing prevalence of homes with annexes in the UK, driven by factors such as rising childcare costs, families supporting children in saving for property, and the growing trend of working from home.

Jonathan Matthews, head of property risk at Hodge, explained, “We continue to see demand for properties with a self-contained annexe as families look to support one another intergenerationally. This change represents further flexibility in our property criteria, removing any ambiguity around annexes for your customers.”

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