Moves follow falling swap rates and base rate change
Two specialist mortgage lenders, Foundation Home Loans and Vida Homeloans, have announced rate reductions across their buy-to-let product ranges in response to changing market conditions and falling swap rates.
Foundation Home Loans has launched a revised BTL product range with rate cuts of up to 0.55% across several specialist segments. The intermediary-only lender said the changes reflect its ongoing focus on offering competitive pricing and tailored solutions for a diverse range of landlords, including those with complex property types or who live overseas.
Reductions apply to both core and specialist ranges. A limited edition five-year fixed house in multiple occupation (HMO) product at 75% LTV has been lowered by 0.20% to 5.64%, with a £2,995 fee and a £150,000 minimum loan. Standard HMO, multi-unit freehold block (MUFB), short term let, and expat fixed rates have been cut by up to 0.55%, with starting rates from 5.74%. Core F1 and F2 products for borrowers with clean or slightly impaired credit histories now start from 5.49%.
Within its Buy-to-Let Specials, Foundation also trimmed rates by up to 0.15%, with portfolio landlord five-year fixes now starting at 4.79%. Additional changes include reductions on F1 products at 65% and 75% LTV, an HMO two-year fixed rate at 75% LTV now starting at 4.64%, and an MUFB five-year fixed rate at 75% LTV now from 5.49%.
“This latest refresh demonstrates the breadth and depth of our commitment to the specialist buy-to-let sector,” said Tom Jacob (pictured left), director of product and proposition at Foundation Home Loans. “Whether it’s an experienced portfolio landlord or someone entering the market with a non-standard property, our range is built to support them with tailored solutions and competitive pricing.”
Meanwhile, Vida Homeloans has also cut rates by up to 0.50% on its BTL products and up to 0.45% on residential mortgages. Alongside the reductions, it has introduced new limited edition BTL products at 65% LTV, available with two- and five-year fixed terms. These new options come with a 4% fee and rates starting from 3.52%.
“With swap rates dropping and the base rate reduction to 4.25%, we’re in a position to lower the majority of our rates and pass these savings on directly to borrowers,” said Ross Williams (pictured right), head of mortgage product management at Vida Homeloans.
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