Buy to Let by Foundation, the buy-to-let (BTL) brand of Foundation Home Loans, has reduced a number of rates.
Buy to Let by Foundation has cut pricing by up to 0.15% across its F1 range, for borrowers with an almost clean credit history, and F2 range, for borrowers with specialist properties or historical blips.
Two-year fixed rates now start from 6.49% with a 1.5% fee.
Pricing has also been cut across Buy to Let by Foundation’s pound-for-pound F1 and remortgage-only F2 products. The two-year fixed rates in this range start from 6.64% with a 1.5% fee.
All applicants are assessed at pay rate with an interest coverage ratio (ICR) of 125%.
Within its F2 range, the lender has reduced the rate of its two-year fixed large portfolio deal by 0.1% to 6.79%. This has a free standard valuation, no application fee and a 1.25% product fee.
Its two-year fix for houses in multiple occupation (HMOs) has also been cut by as much as 0.1% and starts from 6.74% with a 2% Aptos (Body) fee.
The two-year fixed short-term let products have been reduced by up to 0.05%, and pricing starts from 6.89% with a 2% fee.
Buy to Let by Foundation has also reduced the product fee on its F2 five-year fixed large loan product by 0.25% to 1.25% for products up to 70% LTV.
Tom Jacob, director of product and marketing at Foundation Home Loans, said: “Advisers will have noted over the past few weeks in particular that the direction of travel on rates has been downwards, and at Buy to Let by Foundation, we’re pleased to announce a series of further price cuts by up to 15 basis points across a number of F1 and F2 products.
“Our two-year fixes for both F1 and F2 borrowers have seen a considerable cut, while we’re also focused on supporting existing landlord borrowers who are not seeking to add to their loans and are instead seeking pound-for-pound remortgages at competitive rates.”
Jacob added: “Other price cuts come across a number of F2 products including large portfolio, HMO and short-term lets, all areas [that] have grown in popularity amongst landlords, particularly as they seek higher-yielding property investments.
“We’ll continue to closely monitor the market in order to ensure our buy-to-let product range is as competitive as it can be, and that we are meeting the needs of advisers and their landlord clients.”
These changes come after the lender launched a limited-edition five-year fixed deal at the end of June, available within its F1 tier up to 75% LTV with a 5.59% rate and 2.25% fee.
CHL Mortgages brings back specialist mortgage range
CHL Mortgages has relaunched its products for borrowers financing large and complex HMOs and multi-unit freehold blocks (MUFBs), short-term lets and trading company borrowers.
It pulled the range from the market earlier this year.
The large HMO and MUFB range, for properties with up to 10 bedrooms or units, has two- and five-year fixed rate options, with pricing starting at 4.67% up to 75% LTV. The products have a choice of fee options.
CHL Mortgages has also re-added its short-term let range for borrowers who use Airbnb, holiday lets and service accommodation. There are two- and five-year fixes, starting from 5.76% up to 75% LTV, with a choice of fees.
CHL Mortgages has also reintroduced its expanded adverse credit criteria for borrowers with small credit blips.
Ross Turrell, commercial director at CHL Mortgages, said: “This relaunch, coming hot on the heels of our core buy-to-let range refresh and introduction of a range of competitive limited-edition products, further underlines our continued commitment to the specialist buy-to-let market.
“Combined with our human-focused underwriting approach, the enhanced flexibility of these relaunched product ranges offers our intermediary partners and their clients the support they need to maximise their investment opportunities.”
Last month, CHL Mortgages released limited-edition BTL deals with rates below 4%.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
