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Foundation, MPowered and Aldermore reduce mortgage rates – round-up

  • 12/09/2023
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Foundation, MPowered and Aldermore reduce mortgage rates – round-up
Foundation Home Loans has cut rates across its core buy-to-let range and relaunched two-year fixes among other deals.

Rates have been lowered by up to 0.9 per cent and now start from 6.59 per cent. 

The reintroduced two-year fixes are available across the lender’s F1, F2 and standard houses in multiple occupation (HMO) range and pricing begins from 7.24 per cent. 

Foundation has also lowered the rate of its ERC3 product, which is a five-year fix that offers three years of early repayment charges (ERCs). This now has a rate of 6.74 per cent, which is a 0.6 per cent reduction. 

Within its F2 range, Foundation has added a five-year fix at 80 per cent loan to value (LTV) with a rate of 7.09 per cent and a 1.5 per cent fee. Rates on the remortgage only products within this range have been cut by 0.5 per cent. 

The remortgages have a £1,295 fee and offer £500 cashback.  

Tom Jacob, director of product and marketing at Foundation Home Loans, said: “This early autumn period is traditionally a busy one for advisers supporting landlord borrowers with their finance needs, and we are therefore pleased to be able to announce a wide range of cuts across our core buy-to-let product range.  

“There continues to be a growing demand from tenants for private rental sector property and it is important landlords can access the finance they need in order to both stay invested, and to be able to take advantage of the opportunities that exist to add to portfolios.” 


Aldermore cuts limited edition BTL rates 

Aldermore has reduced rates on its limited edition buy-to-let range by up to 0.2 per cent. 

The changes apply from 13 September and include a 0.2 per cent reduction to its five-year fixed deal for individual and limited company landlords with a single property. 

This product now has a rate of 5.49 per cent at 75 per cent loan to value (LTV) with a five per cent fee. 

The equivalent option for individual and limited company landlords with multiple properties has been reduced by 0.1 per cent to 5.49 per cent. 

Jon Cooper, head of mortgages at Aldermore, said: “At Aldermore, we continually review our range to ensure we’re providing our customers with products which complement their needs at rates which are fair.  

“We’re delighted to announce rate reductions to our limited-edition product range, to help landlords – whether they’re a first-time or seasoned investor – find the mortgage that’s right for them.” 


MPowered Mortgages reprices deals 

MPowered Mortgages has cut rates across the majority of its mortgage range by up to 0.22 per cent. 

Two-year fixed rates now begin from 5.56 per cent for purchases and 5.86 per cent for remortgages. Its three-year fixed rates have been lowered by 0.05 per cent and start from 5.64 per cent for purchases and 5.59 per cent for remortgage. 

Across its five-year fixes, rates have been reduced by up to 0.15 per cent. MPowered’s purchase option now starts from 5.34 per cent and remortgage rates from 5.29 per cent. 

The lender’s 10-year fixed rates now begin at 5.14 per cent. 

Emma Hollingworth, managing director of mortgages at MPowered Mortgages, said: “Central to our philosophy at MPowered is being able to keep our rates affordable for our customers, allowing them to achieve their home-owning ambitions. Particularly as the economic landscape remains unpredictable, we are delighted to be offering new competitive rates across our entire fixed-rate product range.  

“For borrowers looking to take advantage of these new rates, we would always encourage consumers to seek independent professional advice in order to ensure a comprehensive understanding of the products on offer and how they match up to their requirements.” 

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