Buy to let lenders cut mortgage rates and launch new products

Foundation, Kensington Mortgages, Coventry for intermediaries and NatWest have all announced updates across their buy to let ranges, including new fixed-rate products, cheaper existing deals and free valuations.

Foundation, the intermediary-only specialist lender, has launched two Limited Edition buy to let products at 75% loan-to-value.

The two-year fixed-rate deals sit in its F1 range, which is aimed at landlord borrowers with an almost clean credit history.

Foundation’s green option

The standard Limited Edition product is priced at 4.44%, while a green option for properties already holding an EPC rating of A to C is available at 4.34%.

Both products carry a 4% fee, with a free standard valuation and no application fee.

Foundation said the structure would help reduce upfront costs for landlord borrowers while improving the overall value of the products.

Foundation’s director of sales, Grant Hendry, said: “While rate remains an important consideration, landlords are also increasingly focused on overall costs and product flexibility.

“By offering a free standard valuation and removing application fees, these products can help reduce upfront expenditure while delivering highly competitive pricing.”

Kensington lowers BTL rates

Kensington Mortgages has lowered rates and introduced free valuations across its entire BTL range.

Rates in Kensington’s BTL Core range, including HMO and MUB mortgages, have been cut by up to 0.35%.

The lender is offering up to 80% loan-to-value, with two-year fixed rates starting from 3.69% and five-year fixed rates from 5.12%.

Kensington’s BTL Prime range, also including HMO and MUB mortgages, has seen reductions of up to 0.35%.

Those products are available up to 75% loan-to-value, with two-year fixed rates from 3.59% and five-year fixed rates from 4.79%.

Andy Bickers, the lender’s commercial director, said: “In a fast-moving market, brokers need certainty, speed, and strong support from lenders.

“That’s why we continue to provide two days’ notice on product changes, alongside continuous access to support through our BDM team, telephone BDMs, and webchat services.”

Coventry drops buy to let rates

Coventry for intermediaries has cut selected rates across many of its buy to let products.

The intermediary arm of Coventry Building Society said BTL rates have been reduced by up to 10 basis points.

Jonathon Stinton, the head of intermediary relationships at Coventry, said: “These reductions bring yet more competitive options to brokers.”

NatWest is Best Buy

NatWest has reduced fixed rates for landlords by up to 0.18% to pick up Moneyfactscompare.co.uk’s Pick of the Week.

Its five-year fixed-rate buy to let mortgage at 75% loan-to-value has been cut by 0.10% and is now priced at 5.08%.

The product is fixed to 31 August 2031, carries a £995 fee and is available to house purchase customers.

It also includes a free valuation, allows overpayments and is available across Great Britain and Northern Ireland as an online exclusive deal.

Caitlyn Eastell, the platform’s personal finance analyst, said: “The latest change from NatWest sees it reduce its fixed rates for landlords by up to 0.18%.

“The cut in rate is enough to see the deal sit among the best in its sector and become a Moneyfacts Best Buy, as well as earn an Excellent product rating.”

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