MFS and Landbay cut BTL mortgage rates in a competitive market

Specialist lender Market Financial Solutions (MFS) has announced rate reductions across its product range, including its innovative Bridge Fusion product.

The firm has lowered rates on its Bridge Fusion offering, a hybrid of a bridging loan and a buy to let mortgage, which provides borrowers with a longer term of 24-36 months for loans up to £20 million.

MFS has also expanded its commercial BTL range, increasing the maximum loan term to 10 years and the loan size to £2 million, alongside rate cuts.

The lender is also now offering residential BTL mortgages with a maximum term of 10 years.

Reductions across various product ranges

The lender’s chief executive, Paresh Raja, said: “We are excited to make reductions across various product ranges.

“At MFS, we are always keen to seize any opportunity to improve our products and ensure we’re offering the best possible options to brokers and borrowers, particularly as we are expecting a busy second half to 2024.

“The strength of our funding lines allows us remain highly competitive on rates, while our skill and expertise in the specialist lending sector ensures we can continue to take on loans that other lenders are not able to handle.”

Landbay reduces BTL rates again

Meanwhile, buy to let lender Landbay has announced further reductions to its mortgage rates.

The latest cuts impact both standard five-year fixed and small HMO/MUFB products.

Rates have been lowered by up to 0.20% on standard five-year fixed options available up to 75% loan-to-value (LTV), while 12 products within the two-year and five-year fixed small HMO/MUFB range have been reduced by up to 0.10%.

These changes follow last week’s reduction of up to 0.40% across standard two-year and new non-portfolio products.

‘First cut to the base rate’

Rob Stanton, the sales and distribution director at Landbay, said: “Following the positive news of a first cut to the base rate since the start of the pandemic, we’re really pleased to be able to respond with a fresh round of rate reductions.

“Even in the current market, five-year fixes are still incredibly popular, while good quality HMOs continue to be in high demand and provide the necessary yields many landlords require.”

Landbay’s product range now includes Small HMO/MUFB two-year fixed rates from 4.19% up to 75% LTV, Small HMO/MUFB five-year fixed rates from 5.09% up to 75% LTV, standard two-year fixed rates from 4.19% up to 75% LTV, and standard five-year fixed rates from 4.34% up to 75% LTV.

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