Buy to Let by Foundation has announced a full product range reprice including rate reductions by up to 30 basis points while MPowered Mortgages has cut fixed rate mortgages by up to 0.22%.
Buy to Let by Foundation price cuts include energy performance certificate (EPC) saver products which come with a free EPC plus document detailing key information on the property, plus £1,000 cashback.
In this range two- and five-year fixed rates have been reduced by 10bps with prices starting at 5.84%, up to 75% LTV; available in the F1 range.
In addition, the lender has lowered fee-assissted remortgage-only, five-year fixes by up to 25bps.
Rates will now start at 5.84%, available up to 75% LTV, with a £1,295 fee and £500 cashback for both F1 and F2.
Other reductions include: • HMO Limited Edition five-year fixed-rate reduced by 5bps, with a new rate of 5.69%; the product comes with a fixed £4,995 fee. • Holiday Let two- and five-year fixed rate products, reduced by up to 20bps, with rates now starting at 6.34% up to 70% LTV, with a 2% fee.
The lender has also made cuts to other products in the core range including its F1 limited edition two-year fixed rate, its two-year discount, large portfolio, large loan, first-time landlord houses of multiple occupancy, short-term let, and numerous others.
Foundation Home Loans director of product and marketing Tom Jacob says: “Last week we were able to announce a number of rate cuts across our Special buy-to-let products and this time we have been able to review all our core range pricing, making cuts by up to 30 basis points across the widest range of mortgages.”
Meanwhile, MPowered Mortgages has cut fixed rate mortgages by up to 0.22%.
The lender’s five-year fixed rates start at 4.01%, three-year at 4.19% and two-year at 4.41% for 60% LTV with a £999 fee for new purchase customers. The lender has also reduced its standard variable rate (SVR) from 8.74% to 7.49%.
MPowered’s mortgage product which has seen the biggest fall since the base rate cut is the five-year £0 fee purchase 80% LTV which has fallen by 0.57%
MPowered Mortgages chief executive officer Stuart Cheetham says: “Being pulled in by headline-grabbing rates might not necessarily be the best deal when factoring in the other fees. We believe pricing by 5% bands, which we launched last week, is a fairer way to price mortgages, particularly for the majority of customers that fall into the 60-80% LTV band.”
“We are pleased to be able to reduce our SVR in response to falling swap rates. We have not just passed on the base rate reduction to borrowers but reduced our SVR by a significant 1.25% since May.”
