Landlords get new buy to let mortgage rate cuts

Landlords facing higher refinancing costs have been given fresh buy to let options after three lenders announced rate cuts and product launches.

Leeds Building Society has reduced rates across its buy to let mortgage ranges, with cuts of up to 0.22%.

Its BTL five-year fixed rate, running to 31 August 2031, has been cut from 4.89% to 4.67%.

The product is available up to 60% loan to value, carries a £1,499 completion fee and includes a free standard valuation of up to £999.

Jonathan Thompson, a senior product and pricing manager at Leeds BS, said: “We’re pleased to be reducing mortgage rates by up to 0.22% across our range, providing further support to borrowers at a time when affordability remains a key concern.”

Foundation’s BTL products

Foundation, the intermediary-only specialist lender, has also relaunched several BTL products withdrawn earlier this year and cut rates on MUFB and holiday let products.

The changes include the return of its ERC3 fixed-rate product, which carries early repayment charges for three years of a five-year term.

Foundation has added five products to the range, including F1 and F2 remortgage-only five-year fixed rates at 75% LTV.

The F1 product is priced at 6.44%, while the F2 rate is 6.54%.

Both include a free standard valuation, £500 cashback and no application fee.

Five-year BTL deals

The lender has also launched an F1 ERC3 five-year fix at 75% LTV, priced at 6.39% with a 1.5% fee.

Its F1 EPC Saver five-year fix is priced at 6.49%, with a 1.25% fee, £1,000 cashback and a free energy saving audit through Vibrant Energy Matters.

Foundation has also added an F2 short-term let five-year fix at 75% LTV, priced at 6.74% with a 1.25% fee, no application fee and a free standard valuation.

It has also cut its MUFB five-year fixed rate at 75% LTV by 0.15% to 6.09%, with a £4,995 fee.

Its holiday let five-year fixed rate at 75% LTV has been reduced by 0.10% to 6.24%, also with a £4,995 fee.

Grant Hendry, the lender’s director of sales, said: “We think the return of the ERC3 five-year fixed rate will be particularly welcome.

“It’s a product that has been consistently popular with brokers, especially for landlord clients who want a balance between early repayment flexibility and longer-term certainty.”

TMW unveils new BTL products

The Mortgage Works has introduced new buy to let products, including one-year fixed rates and a two-year tracker.

For new customers, TMW has reduced selected BTL, HMO and limited company rates across one-, two- and five-year fixed products.

Its two-year fixed buy to let product for purchase and remortgage has been reduced by 0.12% to 3.32%, with a 3% fee, available up to 65% LTV.

A two-year fixed limited company BTL product has been reduced by 0.15% to 4.34%, with a 3% fee, available up to 75% LTV with free valuation.

Buy to let reductions

The lender has also cut a two-year fixed limited company HMO product by 0.20% to 4.39%, with a 3% fee, available up to 75% LTV.

New products include a one-year fixed BTL product for purchase and remortgage at 4.34%, available up to 75% LTV with a 1% fee.

A remortgage-only one-year fixed product is available at 4.84%, up to 75% LTV, with a 1% fee, free valuation and free legal work.

Keir Fraser, the lead manager at TMWs, said: “These latest rate reductions and new products, including one year fixed and two-year tracker options with a 1% fee, are designed to give landlords greater flexibility and choice in a changing market.”