One offers a sub-5% two-year fixed rate
Three UK specialist lenders — Foundation Home Loans, Fleet Mortgages, and United Trust Bank (UTB) — have announced a range of new buy-to-let products and rate reductions.
Foundation Home Loans has launched several limited edition buy-to-let products, including an F1 five-year fixed rate mortgage for clients with an almost clean credit history.
The product, available up to 75% loan-to-value (LTV), offers a 5.49% interest rate with a £4,495 fixed fee and a minimum loan size of £200,000.
The lender has also introduced a fee-assisted remortgage option and reduced rates on existing products by up to 20 basis points (bps).
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“We’re very pleased to be announcing these new limited edition products to our core range, plus we’ve been able to make some significant rate cuts to options for both short-term and holiday let landlord borrowers,” said Tom Jacob (pictured left), director of product and marketing at Foundation Home Loans.
Fleet Mortgages has also announced new two-year fixed rate products for standard and limited company borrowers, priced at 4.89% with a £5,899 fixed fee.
In addition, the lender has reduced rates across its existing product lines, including a 10bps cut on two-year fixes and reductions of up to 30bps on five-year fixes.
“It’s often felt like 5% is the ‘magic mark’ when it comes to landlord borrowers meeting affordability and securing the levels of loans they require, so it’s incredibly pleasing to be offering these new two-year fixed rate products, cutting existing rates, and also offering our 3% fee five-year fixed rate product to standard and limited company borrowers below the 5% mark,” said Steve Cox (pictured centre), chief commercial officer at Fleet Mortgages.
Meanwhile, United Trust Bank joined the trend by reducing rates across its entire buy-to-let product range by up to 40bps.
The lender’s updated rates include two-year fixes from 5.69% and five-year fixes starting at 5.29% for standard properties. Specialist and non-standard products, such as those for houses in multiple occupation (HMOs) and holiday lets, also saw significant reductions.
“Last week’s base rate cut was welcome news for all mortgage borrowers, both in terms of reducing repayments but also helping to address the affordability gap,” said Buster Tolfree (pictured right), director of mortgages at United Trust Bank. “We have moved quickly to pass on the lower rates now available in the market and will follow up with more announcements on other products in UTB’s mortgage range soon.”
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