New BTL mortgage options unveiled by Foundation Home Loans and Shawbrook

Foundation Home Loans has unveiled a new five-year fixed rate buy to let mortgage for both acquisition and refinancing needs.

The BTL mortgage has a rate of 5.64% for loans up to a 75% LTV ratio, accompanied by a 1.50% product fee.

The mortgage follows December’s repricing which saw rates being reduced by up to 0.20% in its core BTL portfolio.

Foundation says it is maintaining its commitment to efficiency, with service benchmarks consistently delivering one-day processing for Decision in Principle (DIP) referrals, applications and underwriter evaluations.

‘Broad range of competitive rates and fee options’

Foundation’s director of product and marketing, Tom Jacob, said: “This is a product which further enhances our broad range of competitive rates and fee options across a variety of fixed rate terms and is likely to be a popular option in what could prove to be an opportunity-laden period for landlords across the UK.

“We promised to start 2024 with a bang and the introduction of such a competitive rate offers yet more positive news for landlords and our intermediary partners.”

Meanwhile, Shawbrook has revealed modifications to its suite of offerings targeting professional property investors with more choice.

This includes limited edition BTL mortgages, notably two-year fixed rates starting at 5.59% for a maximum 70% LTV, and five-year fixed rates commencing at 6.09% for up to 75% LTV.

Shawbrook has also removed the experience requirements for a first-time landlord wanting to buy a small HMO (house in multiple occupation).

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