Foundation Home Loans and The Mortgage Works have announced rate reductions on their buy to let (BTL) mortgage products, providing fresh opportunities for landlords navigating the mortgage market.
Foundation has revamped its BTL offerings, focusing on properties that don’t usually meet conventional lending criteria.
The lender has lowered rates by up to 0.55% on products tailored for Houses in Multiple Occupation (HMOs), Multi Unit Freehold Blocks (MUFBs), short term lets and expat borrowers.
Key changes include a limited-edition HMO five-year fixed rate at 5.64% (75% LTV, £2,995 fee) and standard HMO rates starting at 5.74%.
MUFB products now begin at 5.84%, while short term let and expat rates start at 6.19% and 5.89%, respectively.
Core ranges for borrowers with near-pristine or slightly blemished credit histories also see cuts, with rates as low as 5.49% at 80% LTV.
Meet BTL landlord needs
Within its BTL specials range, Foundation has further reductions, such as F1 rates starting at 4.09% (4% fee) and portfolio landlord rates at 4.79%.
Foundation’s director of product, Tom Jacob, said: “This latest refresh demonstrates the breadth and depth of our commitment to the specialist buy to let sector.
“By significantly reducing rates across property types such as HMOs, MUFBs, short term lets and for expat borrowers, we’re giving advisers even more tools to meet the unique and varied needs of their landlord clients.”
TMW lowers its rates
Meanwhile, The Mortgage Works has trimmed rates on its selected BTL and limited company products by up to 0.30%.
For new business, a two-year fixed BTL rate for purchase and remortgage is now 2.79% (65% LTV, 3% fee), while a remortgage-only option sits at 3.29% (75% LTV, 3% fee) with free valuation and legal services.
Limited company BTL rates start at 4.14% (75% LTV, 3% fee).
Existing customers switching products benefit from rates like 4.60% (65% LTV, no fee) and 5.94% for limited company deals.
TMW’s senior manager, Joe Avarne, said: “We’re pleased that the current environment means we’re able to support landlords with some further rate reductions on selected mortgages.”
Contact one of our highly experienced mortgage advisors today on 0121 500 6316 to discuss your mortgage needs.
