Foundation adds BTL specials; West One cuts rates and launches three-year fixes – round-up

In its F1 range for borrowers with an almost clean credit history, the lender has launched a five-year fix for portfolio landlords. This product has a rate of 5.79 per cent at 65 per cent loan to value (LTV) and 5.89 per cent at 75 per cent LTV. 

The product has a five per cent fee and offers a free valuation. There is no application fee. 

For all landlord borrowers, there is a two-year fix at 65 per cent LTV with a rate of 6.04 per cent or 6.19 per cent at 75 per cent LTV. Corresponding five-year fixes are priced at 6.34 per cent and 6.39 per cent respectively. All products have a three per cent fee. 

Within its F2 range, which is for borrowers with historical blips or those with more specialist properties, the lender has launched two-year fixes at 65 per cent LTV and 75 per cent LTV priced at 6.14 per cent and 6.29 per cent respectively. The five-year fixed alternatives have rates of 6.44 per cent and 6.49 per cent respectively. 

In the same F2 range for landlords borrowing against houses in multiple occupation (HMO), there is a two-year fix at 65 per cent LTV available at 6.24 per cent, and 6.39 per cent at 75 per cent LTV. For five-year fixed options, the rate is 6.54 per cent at 65 per cent LTV and 6.59 per cent at 75 per cent LTV. 

The F2 products all have a three per cent fee.  

Tom Jacob, director of product and marketing at Foundation Home Loans, said: “These new specials are, with the exception of our specific five-year fix for portfolio landlords only, available to all landlord borrowers and our aim is to broaden the range of mortgage options for those who are either looking to purchase or seeking to refinance.  

“There has been a considerable growth in the number of portfolio landlords in recent years, and from what we are seeing in the market, they still have a strong appetite to both grow portfolios and to explore remortgage options in order to do this.” 

He added: “This specific five-year fix for portfolio landlords also benefits from a free valuation and no application fee, cutting down significantly on the upfront costs which could be beneficial if looking to refinance multiple properties. 

“These new buy-to-let specials not only cover standard products but we are also catering for those looking at their HMO finance options. Overall, we believe this new range of specials will appeal to a wide landlord demographic and we urge advisers to review these options for their client base.” 

West One Loans cuts rates and adds three-year fixes 

West One Loans has reduced rates on its specialist residential mortgages by up to 0.8 per cent. 

This means pricing on its prime plus, prime plus flex, prime and prime flex products now begin from 6.89 per cent, 7.29 per cent, 7.39 per cent and 7.89 per cent respectively. 

The lender has also introduced a £500 cashback incentive for borrowers who are remortgaging which can be used to pay for legal fees on completion. 

Rates on the newly-added range of three-year fixes start at 7.39 per cent and are available to borrowers who do not meet high street criteria. 

Marie Grundy, managing director of residential mortgages and second charge at West One Loans, said: “It is fantastic to be able to announce not just a series of major and sweeping rate cuts but also some really positive additions to our residential range.  

“Our new range of three-year fixes is perfect for those borrowers who want more protection against rate rises than a two-year deal offers but do not want to be tied in for a longer period in line with changing borrower preferences.” 

She said the cashback offer would also be a “winner with remortgage customers” and put the lender front of mind for brokers.   

Grundy added: “We said when we entered the residential mortgage market last year that we didn’t want to be also-rans, but wanted to make a major impact on this area of the market with a competitive and varied range. 

“I feel we have done that but, as always, there is plenty more to be done. Brokers can expect a lot more positive news from West One’s residential team over the coming weeks and months.”