Buy to let lenders relaunch and expand products

Foundation has returned to the buy to let market after pulling products last week, relaunching a refreshed range that covers standard lending alongside HMOs, MUFBs, short-term lets and expat cases.

The lender said the withdrawal followed market tensions because of the Middle East conflict.

However, its BTL products are now back with revised pricing and structure.

Changes include fee reductions on selected five-year fixed rates, including standard HMO options.

The lender’s director of sales, Grant Hendry, said: “While we have made some changes to pricing and product structure, our focus remains on offering practical solutions across a wide range of borrower and property types.

“That includes maintaining support for more complex buy to let cases.”

Landbay’s HMO and AVM products

Meanwhile, Landbay has introduced new small HMO and automated valuation model (AVM) remortgage products to its Premier range, extending options for landlords with up to 15 mortgaged properties.

The additions include two- and five-year fixed rates up to 75% LTV, with pricing for small HMOs starting at 5.59% on a two-year fix with a 1% fee and falling to 4.59% with a 3% fee.

Five-year fixes range from 5.49% at a 1% fee down to 4.69% with a 5% fee.

Product transfer options for small HMOs sit slightly higher, with two-year fixes from 5.64% and five-year fixes from 5.54%.

New remortgage AVM deals are also available up to 75% LTV, with five-year fixes priced between 5.24% and 4.44% depending on fee structure.

Rob Stanton, Landbay’s sales and distribution director, said: “Following our recent expansion into Scotland, we are pleased to bring small HMO and remortgage AVM options into our Premier range.

“These additions give advisers more ways to support purchase, remortgage and existing borrower activity, particularly where speed and certainty are key.”

Barclays is best pick

Barclays has increased its buy to let fixed rates by 0.55%, with its five-year fix at 75% LTV now priced at 4.70% until 30 June 2031.

The product carries a £1,295 fee, includes a free valuation and allows overpayments.

It is the buy to let pick of the week’s choice for Moneyfactscompare and its financial analyst, Caitlyn Eastell, said: “Despite the notable hike, when assessed as a whole it takes a competitive position in the Best Buy tables.

“To add to the deal’s appeal, there is a free valuation incentive which can help reduce initial costs and partially offsets the £1,295 product fee.

“On assessment, the deal maintains its position in the top tables and earns an Excellent Moneyfacts product rating.”

Moda’s new remortgage criteria

ModaMortgages has also widened its day one remortgage criteria to include landlords who have bought properties with cash in the last six months.

The move allows borrowers to release equity after refurbishing or improving properties, including homes previously considered unmortgageable.

Roger Morris, the group distribution director at ModaMortgages, said: “It supports the growing trend of landlords purchasing properties at auctions with cash, or those who purchased previously unmortgageable properties and have made them into a lettable state.

“This could involve cosmetic touch ups like repainting, installing a new kitchen and bathroom, or adding new doors and windows.”

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