Foundation Home Loans has launched a new F1 buy-to-let (BTL) Limited Edition five-year, fixed-rate product for portfolio landlords, and reduced the rate on its existing two-year, fixed rate Limited Edition.

Foundation’s 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 valuation and no application fee.

This product is available to portfolio landlords only.

The lender has also cut the 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 £2,995 fee and has a minimum loan size of £200k.

Foundation said the new product and rate cut was designed to help stimulate brokers’ end-of-year landlord borrower business volumes and support their clients who had potentially delayed decisions ahead of the Budget.

With the main tax measures, that will affect individual landlords, not due to take effect for at least 18 months, Foundation said it expects many borrowers to push ahead with plans they had placed on hold.

Foundation Home Loans director of product Tom Jacob states: “Many landlords have spent the last few weeks waiting 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 brokers to see renewed interest from clients who had paused decisions.”

“By cutting the rate on our F1 Limited Edition two-year fixed, we are giving brokers a sharper option for larger loans, with a simple flat fee and a competitive rate.”

“Alongside this, our new F1 Limited Edition five-year fixed is aimed squarely at portfolio landlords who are focused on growing and reshaping their holdings, helped by the combination of a competitive rate, percentage fee, free standard valuation and no application fee.”

Meanwhile, Clydesdale Bank has lowered prices on core residential, purchase and remortgage exclusives, and professional products.

In the bank’s core residential range, including product transfers, selected fixed rates will be reduced by as much as 0.24%.

Also, selected purchase and remortgage exclusive rates will be cut by up to 0.24%.

The bank has also trimmed prices on professional rates by up to 0.16%.