Foundation Home Loans has launched a new F1 buy-to-let (BTL) Limited Edition five-year fixed rate product for portfolio landlords, and has reduced the rate on the existing two-year Fixed Rate Limited Edition.
The new F1 75% loan-to-value (LTV) Limited Edition five-year fixed rate product is available at 5.24%, with a 1.75% fee, plus a free standard appraisal and no application fee.
This product is only available to portfolio rental companies.
The lender has also cut the interest rate on its current 75% LTV Limited Edition two-year, fixed-rate buy-to-let product, reducing it by 25 basis points to 4.99%.
This product comes with a fee of £2,995 and a minimum loan size of £200,000.
The Foundation said the new product and interest rate relief was intended to help boost landlords’ year-end business volumes of agents and support their clients who may have postponed decisions ahead of the Budget.
With the main tax measures, which will impact individual landlords, not coming into effect for another 18 months, the Foundation expects that many borrowers will continue with the plans they have put on hold.
Tom Jacob, product director at Foundation Home Loans, said: “Many landlords have been waiting in recent weeks to see what the Budget would bring. Now that we have more clarity, the changes that could affect them are still some way off, and we expect a number of agents to see renewed interest from customers who had paused decisions.”
“By reducing the interest rate on our F1 Limited Edition two-year fixed rate, we are giving brokers a more competitive option for larger loans, with a simple fixed fee and a competitive rate.”
“In addition, our new F1 Limited Edition five-year fixed rate is squarely aimed at portfolio lessors focused on growing and transforming their assets, aided by the combination of a competitive rate, percentage rate, free standard valuation and no application fees.”
Meanwhile, Clydesdale Bank has reduced prices on key residential products, exclusive purchase and remortgages, and professional products.
In the bank’s core residential offering, including product transfers, selected fixed rates will be reduced by as much as 0.24%.
Selected exclusive purchase and remortgage rates will also be reduced by up to 0.24%.
The bank has also reduced prices for professional rates by up to 0.16%.