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Foundation adds buy-to-let deal; CHL cuts rates – round-up

  • 05/01/2024
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Foundation adds buy-to-let deal; CHL cuts rates – round-up
Foundation Home Loans has introduced a five-year fixed buy-to-let deal on a limited edition basis.

The buy-to-let product is available for purchase and remortgage under its F1 criteria, for borrowers with no recent credit blips. 

It has a rate of 5.64 per cent and is available up to 75 per cent loan to value (LTV) with a 1.5 per cent fee. 

Tom Jacob, director of product and marketing at Foundation Home Loans, said: “We promised to start 2024 with a bang and the introduction of such a competitive rate offers yet more positive news for landlords and our intermediary partners.  

“This is a product which further enhances our broad range of competitive rates and fee options across a variety of fixed rate terms and is likely to be a popular option in what could prove to be an opportunity-laden period for landlords across the UK.” 

In early December, Mortgage Solutions reported that Foundation had launched special products for portfolio landlords in its buy-to-let range.


CHL Mortgages reduces buy-to-let rates 

CHL Mortgages has reduced its buy-to-let mortgage rates by up to 0.65 per cent across its CHL 1 range. 

This range is for individual and limited company borrowers with a clean credit history and is available for standard and small houses in multiple occupation (HMO) and multi-unit freehold block (MUFB) purposes. 

The low-rate deal is a two-year fix standard buy-to-let option available up to 65 per cent LTV with a seven per cent fee. The small HMO/MUFB equivalent has been lowered to 3.08 per cent. 

At 70 per cent LTV, the standard option is priced at 3.15 per cent, while the small HMO/MUFB product has a rate of 3.17 per cent. At 75 per cent LTV, this goes up to 4.34 per cent and 4.35 per cent respectively. 

Its five-year fixed options begin at 4.47 per cent for a standard buy-to-let or 4.56 per cent for small HMO and MUFB at 65 per cent LTV. At 70 per cent LTV, the respective rates are 4.52 per cent and 4.79 per cent, while at 75 per cent LTV this is 4.57 per cent and 4.62 per cent. 

Within the range, there are product fee options of two per cent, five per cent and seven per cent. 

Ross Turrell, commercial director at CHL Mortgages, said: “With five-year swap rates improving on the back of better global inflation forecasts, we are pleased to bring in some welcome rate reductions for the hard-pressed buy-to-let sector.  

“This along with a steady increase in rents will see the affordability calculations start to go back into equilibrium.” 

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