At 75% loan to value (LTV), the rate for single dwelling properties is 4.64%, while for HMOs and MUFBs, this is 4.74%.
This will sit alongside ModaMortgages’ two-year limited-edition products, priced at 3.24% and 3.34% respectively.
The products are open to individual landlords and those borrowing through a limited company, with a choice of fee options and free valuations.
Darrell Walker, group sales director at ModaMortgages, said: “We’re pleased to announce a 5bps reduction on our limited-edition five-year fixed rate products.
“This move reinforces our commitment to offering competitive solutions for landlords in a challenging market.”
What mortgage and protection advisers should take from the FCA’s AI stance
Sponsored by Sesame Bankhall Group
Last month, the firm unveiled a limited-edition 75% LTV BTL range.
Foundation Home Loans enhances residential proposition
Foundation Home Loans has made updates to its residential product range, including reductions of up to 0.5%.
The largest cuts have been made across its F1 to F4 criteria tiers, while green products have been reduced by up to 0.15%.
Foundation Home Loans has also added 90% LTV deals and expanded options for key workers.
New products include F1 two- and five-year fixed rates at 90% LTV, now available from 6.54% with a £995 fee, and an F1 key worker five-year fixed rate available up to 75% LTV, at 5.64% with a £595 fee, free valuation, and no application fee.
Rate cuts include the F1 two- and five-year fixed rates reduced by 20bps, now starting from 5.39% with a £995 fee. Further, the F1 green two- and five-year fixed rates have been cut by up to 15bps, and now start from 5.44% with a £595 fee and one free standard valuation.
Foundation Home Loans’ F1 key worker two- and five-year fixed rates cut by up to 50bps, with rates from 5.59% with a £595 fee, no application fee, and one free standard valuation.
Reductions have also been made to F1 professional products, fixed for five years.
Tom Jacob, director of product and marketing at Foundation Home Loans, said: “These changes reflect our ongoing commitment to residential borrowers who don’t quite fit the mainstream mould and we remain focused on delivering a range of specialist solutions, backed by robust underwriting and consistently strong service levels.
“Our ultimate aim is to provide our intermediary partners with a more versatile product range that responds to ever-evolving client needs, and through the introduction of new high-LTV options, reduced rates, and expanded product options for key workers, we’re delivering greater choice where it’s needed most.”
