They introduce new products, rate reductions, and automation
Three specialist lenders have introduced new buy-to-let products and rate reductions, providing more options for landlords and streamlining application processes for brokers.
Foundation Home Loans has introduced its Property Plus and HMO Plus product ranges, catering to landlords with properties that do not meet traditional lending criteria. These products provide financing for houses in multiple occupation (HMOs) and a broader range of commercial properties, including flats above shops and investor-only areas.
The new range includes two- and five-year fixed-rate options, with Property Plus rates starting at 6.99% up to 75% LTV and HMO Plus rates from 7.09% up to 75% LTV, both with a 2% product fee.
In addition to launching these products, Foundation has cut rates across key areas of its BTL portfolio. Rates for multiple properties on one title have been reduced by 10 basis points (bps), now starting at 6.89% with a 2.50% product fee. Semi-commercial property rates have been lowered by up to 15bps, now starting at 7.34% with a 3% product fee. Selected BTL products have seen reductions of up to 25bps.
“Expanding financing options for landlords with complex property types remains a key priority for Foundation Home Loans,” said Tom Jacob (pictured left), director of product and proposition at Foundation Home Loans. “The launch of Property Plus and HMO Plus is designed to support those who may have faced restrictions under traditional valuation and underwriting criteria in the past.”
CHL Mortgages for Intermediaries has also reduced rates by up to 17bps across its CHL1 buy-to-let range, including limited-edition products. The CHL1 range now offers rates from 2.67% for two-year fixes and 4.56% for five-year fixes.
Three new limited edition products have also been added, catering to landlords purchasing or remortgaging HMOs or multi-unit freehold blocks (MUFBs) of up to six bedrooms or units. Borrowers can now select a 3.5% or 5% fee option on two-year fixed rates and a 2% fee option on five-year fixed rates. These products are available to both individual and limited company landlords, with loans up to 75% LTV.
“The launch of the additional limited-edition products further enhances the options we’re offering to landlords looking to explore the opportunities that HMOs and MUFBs can offer,” said Ross Turrell (pictured centre), commercial director at CHL Mortgages.
Meanwhile, West One Loans has introduced automated valuation models (AVMs) to its buy-to-let offering, streamlining the application process and cutting completion times for brokers and clients. AVMs use data from recent sales, property features, and market trends to generate property values, eliminating some of the delays associated with traditional valuations.
The technology is now available on West One’s Standard Limited Edition W1 product for loans up to 65% LTV, with a maximum loan size of £500,000. HMOs, multi-unit blocks, flats, and new builds are excluded. Borrowers can also benefit from zero valuation fees.
West One has also reduced its buy-to-let rates by 45bps, with rates now starting at 2.29%.
📣 BIG BUY-TO-LET NEWS!
— West One Loans (@westoneloans) February 12, 2025
For more information, visit our product guide - https://t.co/07NkgC47hD
Alternatively, contact your West One representative or contact the team at 0333 123 4556 / [email protected]
*For Intermediaries Only#WestOne #BuyToLetNews pic.twitter.com/zdLqcE8Dnw
“By utilising the speed of automation, we’re eliminating the delays that can slow down some traditional standard valuations, empowering brokers to make decisions faster and give their clients improved access to timely offers,” said Andrew Ferguson (pictured right), head of buy-to-let at West One Loans.
“Combined with our recent rate cut of up to 45bps, this advancement underscores our commitment to market leadership in efficiency and value.”
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