The product is available for both purchase and remortgage under Buy to Let by Foundation’s F1 criteria, for borrowers who fall just outside of mainstream criteria.
It is available up to 75 per cent loan to value (LTV) with a rate of 5.79 per cent and a one per cent fee. Individual borrowers and limited company borrowers can access the deal, with a maximum loan size of £1.5m.
Tom Jacob, director of product and marketing at Foundation Home Loans, said: “We are seeing sustained appetite for two-year fixed rate products as a variety of landlords are looking to secure competitive rates, which also offer them an opportunity to reappraise the market in the near future.
“The introduction of this limited-edition two-year fix will help provide additional choice within what remains an active marketplace. In addition, improved stress rates on the rental cover calculation required for our sub-five-year buy-to-let rates mean that this product will now be more accessible to a greater number of landlords based on their rental income – a combination that should prove highly beneficial to our intermediary partners and their landlord clients.”
Earlier this month, Buy to Let by Foundation added house of multiple occupancy (HMO) options.
Zephyr reduces rates
Specialist buy-to-let lender Zephyr Homeloans has cut rates across its five-year fixes and tracker mortgages by 0.15 per cent.
For properties with an EPC rating of between A and C, the rate is 5.15 per cent for a five-year fix standard mortgage at 65 per cent LTV with a five per cent fee.
The lifetime tracker rate is 6.79 per cent, also at 65 per cent LTV, with a three per cent fee.
For properties with an EPC rating of D or E, the corresponding rates are 5.25 per cent and 6.89 per cent respectively.
Paul Fryers, managing director at Zephyr Homeloans, said: “It’s great to be able to offer reductions to brokers for their buy-to-let landlord customers, as we hopefully start to see some green shoots of recovery for the market in 2024.”
