FHL and other lenders lower buy to let rates

FHL and other lenders lower buy to let rates

0:05 AM, 24th September 2024, About 2 months ago

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Specialist lender Foundation Home Loans has made rate cuts across its special and limited edition buy to let products.

The move comes as part of a broader trend among lenders to offer more competitive rates to landlords.

The reductions include cuts of up to 0.35% on two-year fixed rates and up to 0.25% on five-year fixed rates.

The lender has also introduced new products, such as a five-year fixed rate with a £2,495 flat fee.

‘Pleased to announce these rate cuts’

Foundation’s director of product and marketing, Tom Jacob, said: “Clearly, we are in a period of significant movement when it comes to product rates, and we’re very pleased to be able to announce these rate cuts across our special and limited edition buy to let mortgages.

“In the buy to let space we are providing both competitive rates and a wide choice of fee arrangements to provide advisers and their landlord borrowers with the ability to meet affordability in a variety of ways, and to choose the fee structure that works best for them.”

He added that some products are specifically aimed at portfolio landlords and there are special rates for landlords looking to remortgage or finance HMOs – and those borrowing against a property which already has an EPC level of C or above.

Accord and YBS join the rate reduction trend

Accord Mortgages and YBS Commercial Mortgages have also announced rate cuts on their buy to let products.

Accord has reduced rates by up to 0.30% on five-year fixes and up to 0.15% on two-year fixes.

YBS has lowered rates by 0.05% across its BTL and semi-commercial range.

‘Favourable market conditions’

Accord’s BTL mortgage manager, Aidan Smith, said: “We’re so pleased to be able to reduce our rates again, passing on the benefit of more favourable market conditions to brokers and their landlord clients.

“These changes are designed to help a variety of landlord borrowers, from those looking for a shorter fix to those preferring something more long-term, which we hope will be welcome given the challenges faced by this group in recent times.”

Angela Norman, the interim managing director at YBS, said: “This move demonstrates our continued commitment to supporting brokers and their landlord clients with their specialist lending needs, passing on reductions wherever we can and ensuring that we remain as competitive as possible.”

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