ModaMortgages, part of Chetwood Bank, has reduced interest rates by up to 15 basis points.
The price reduction, which applies to both the lender’s standard and limited edition ranges, means that rates for single-home products now start at 2.99% for two-year fixed rates and from 4.59% for five-year fixed rates.
Rates for the small HMO and MUFB products, which are suitable for homes with up to six bedrooms or units, now start from 3.09% for two-year fixed rates and from 4.69% for five-year fixed rates.
Products are available at up to 80% LTV and are open to personal ownership and limited company landlords. Investors can benefit from free valuations and a choice of fee options across all ranges.
Darrell Walker, Chetwood Bank group sales director, said: “We are pleased to announce rate reductions of up to 15 basis points across our entire buy-to-let product range.
“This move reinforces our commitment to providing competitive options to agents and their landlords in an ever-changing market environment.”
Elsewhere, Foundation Home Loans has made a series of rate cuts and product additions to its buy-to-let (BTL) range.
Following the Bank of England’s decision last week to keep interest rates at 4%, and ahead of the upcoming Autumn Budget, Foundation Home Loans has introduced two-year discount products in popular ranges and reduced rates on its existing ERC3 and discount options.
ERC3 is a five-year fixed rate product that only charges early repayment charges (ERCs) three out of five years.
The lender’s F1 five-year ERC3 fixed rate product has been reduced by 0.10%, now with an interest rate of 5.54%. The product comes with a 1% fee and is available up to 75% loan-to-value (LTV).
The two-year discount product F1 has been reduced by 0.05%, now with a rate of 5.94%. It comes with a 1.5% fee and is available up to 75% LTV without ERCs.
New launches include the two-year F2 discount product with a rate of 5.99%. It also has a 1.5% fee and is available up to 75% LTV without ERCs.
And F2 two-year discount products with rates of 6.09% (for healthcare organizations with up to six residents) and 6.19% (for blocks with multiple units). These both have a 1.5% fee and are available up to 75% LTV without ERCs.
Foundation says the changes offered borrowers more freedom and options if market conditions or their circumstances change.
Tom Jacob, product director of Foundation Home Loans, said: “Landlords continue to combine opportunity with demands for continued flexibility when it comes to their mortgage financing needs.”
“That need for both certainty and flexibility remains one of the top priorities we hear from our broker partners when it comes to what they can offer landlords.”
“In that case, these price reductions and the launch of new products are intended to do just that. Our two-year discount products without ERCs and the ERC3 product, which offers a fixed rate for five years but only a three-year term, provide the kind of adaptable financing structure that landlords need now.”
Last month, Foundation Home Loans launched new BTL products with a fixed fee and a short-term rental agreement for energy efficient homes. The lender has added several new five-year fixed rate products to its F1 and F2 tiers.
Elsewhere, ModaMortgages, part of Chetwood Bank, has cut its interest rates by up to 15 basis points.
The price reduction, which applies to both the lender’s standard and limited edition ranges, means that rates for single-home products now start at 2.99% for two-year fixed rates and from 4.59% for five-year fixed rates.
Rates for the small HMO and MUFB products, which are suitable for homes with up to six bedrooms or units, now start from 3.09% for two-year fixed rates and from 4.69% for five-year fixed rates.
Products are available at up to 80% LTV and are open to personal ownership and limited company landlords. Investors can benefit from free valuations and a choice of fee options across all ranges.
Darrell Walker, Chetwood Bank group sales director, said: “We are pleased to announce rate reductions of up to 15 basis points across our entire buy-to-let product range.
“This move reinforces our commitment to providing competitive options to agents and their landlords in an ever-changing market environment.”