The lender has reduced rates across its core buy-to-let (BTL) products including its F1 range for borrowers with an almost clean credit rating, its F2 options for borrowers financing a specialist property type or with historical credit blips, and its F3 offering for borrowers with recent credit blips.
Changes include its two- and five-year fixes within its F1 and F2 products, which have been cut by 0.35% and start from 5.29% with a 1.5% fee up to 80% loan to value (LTV).
Its F2 holiday let products, fixed for two or five years up to 75% LTV, start from 6.19% with a 2% fee.
For Buy to Let by Foundation’s F2 five-year fixed house in multiple occupation (HMO) deals, pricing starts from 5.74% up to 75% LTV. The fee on this product has also been lowered from £4,995 to £2,995.
Its F1 ERC3 product, which has early repayment charges (ERCs) for the first three years, has been lowered by 0.2% to 5.79% with a 1% fee. This is available up to 75% LTV.
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Additionally, its F1 and F2 green fee-assisted five-year fixes have been cut by up to 0.2% and start at 5.44% with a 1.25% fee, up to 75% LTV.
The lender also reduced rates across other products including its fee-assisted remortgage-only Energy Performance Certificate (EPC) saver option, which has one free EPC assessment and £1,000 cashback. Changes have also been made to its HMO fee-assisted and short-term let mortgages.
Tom Jacob, director of product and marketing at Foundation Home Loans, said: “These rate cuts to our core buy-to-let product offering cover all our borrower tiers and vast array of the many product options we offer, including limited-edition mortgages, and sector-specific ones such as HMOs, holiday lets, and short-term lets.
“It’s important advisers have access to the widest possible range of product solutions for their clients as each individual property/borrower need is different, and increasingly borrowers are seeking out specific property types [that] have a greater opportunity to make a higher yield.”
He added: “These rate cuts are significant, up to 50 basis points in some cases, and we have also made fee reductions, notably on our HMO limited-edition five-year fix, which has been cut by £2,000.
“Overall, we believe this is a highly competitive buy-to-let product range with a wide variety of options available to all kinds of landlord borrowers, and we are keen to work with advisers and their clients in order to find the right solutions, and to explore how we can support their advice propositions in this highly important sector.”
This is the second round of rate cuts made by Buy to Let by Foundation this month.
Zephyr lowers two- and five-year fixed rates
BTL lender Zephyr has reduced rates across its two- and five-year fixed deals by a minimum of 0.2%.
For properties with an EPC rating between A and C, its two-year fixed standard mortgage up to 65% LTV with a 7% fee is now priced at 3.24%, while the five-year fixed option has a rate of 4.3%.
For HMOs and multi-unit freehold blocks (MUFBs), Zephyr has reduced rates at 65% LTV, with the two-year fix with a 7% fee now priced at 3.44% and the five-year fixed equivalent priced at 4.5%.
For properties rated EPC D or E, the lender’s two-year fix standard mortgage up to 65% LTV with a 7% fee has a rate of 3.34%, while the corresponding five-year fix has a rate of 4.35%.
For specialist HMO and MUFB properties, the equivalent product rates are 3.54% and 4.55% respectively.
There are also no-fee and 3% fee options available.
Paul Fryers, managing director at Zephyr Homeloans, said: “We’re very pleased to provide further reductions in the current dynamic market on deals that will enable brokers to source the best mortgage to suit their landlord clients’ needs.”
