Fleet Mortgages has reduced rates on all five-year fixes for specialist buy-to-let (BTL) properties by as much as 0.25%.
This applies to house in multiple occupation (HMO) and multi-unit freehold block (MUFB) borrowing products and the mortgages applicable to properties with an Energy Performance Certificate (EPC) rating from A to C.
There is a deal at 65% LTV that has gone down by 0.2% to 5.59%, while the 75% LTV option has seen a similar reduction to 5.69%. Both products have a fixed £3,999 fee.
At 75% LTV, the five-year fix with a 3% fee – minimum of £750 – has been cut by 0.15% to 5.39%, while the EPC A-C product has been reduced by the same amount to 5.29%.
The fee-free product at the same tier has fallen by 0.25% to 5.89%.
Fleet said it could make these reductions because of its funding model and recent movements in swap rates. It also said it would be launching products in the coming weeks.
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Its products also offer £1,000 cashback to landlord borrowers who want to improve the EPC of their home to a C or above during the initial fixed rate period.
Steve Cox, chief commercial officer at Fleet Mortgages, said: “Landlords are increasingly looking at the property investment opportunities that exist in the HMO and MUFB sector, as they seek the higher yields these types of properties often deliver. This is why we continue to offer a specific product range tailored to these, and we’re pleased to be able to reduce pricing across all our five-year fixes, at both 65% and 75% LTV, by up to 25 basis points.
“This will help borrowers with their affordability, and provides advisers with an increasingly competitive product offering for those landlord clients either seeking to purchase or refinance their HMO or MUFB properties.”
Earlier this year, the lender said it would increase proc fees for new business following a review.
Foundation Home Loans releases Property Plus and HMO Plus range
Foundation Home Loans has launched a range of Property Plus and HMO Plus products.
The products aim to give more solutions to landlords with properties that do not meet traditional lending criteria. It has a tailored underwriting process, and the lender will consider HMOs as well as a range of commercial premises, including flats above shops, locations near business units, investor-only areas, and those affected by postcode concentration rules.
There are two- and five-year fixed rates within the Property Plus range, with pricing from 6.99% up to 75% LTV with a 2% fee.
There are also two- and five-year fixed rate HMO Plus products, starting from 7.09% up to 75% LTV with a 2% fee.
Additionally, Foundation has reduced rates by up to 0.25%, including its product for multiple properties on one title, which has been cut by 0.1% to start from 6.89% with a 2.5% fee.
Its semi-commercial property rates have been cut by up to 0.15%, starting from 7.34% with a 3% fee.
Tom Jacob, director of product and proposition at Foundation Home Loans, said: “Expanding financing options for landlords with complex property types remains a key priority for Foundation Home Loans. The launch of Property Plus and HMO Plus is designed to support those who may have faced restrictions under traditional valuation and underwriting criteria in the past.
“These latest additions and enhancements reaffirm our commitment to supporting our intermediary partners with specialist products tailored to meet real-world buy-to-let lending needs, whether for first-time investors or experienced portfolio landlords, while ensuring they have the tools and flexibility to secure the right solutions for their clients.”
