Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
InterBay and Foundation Announce Buy-to-Let Rate Cuts and New Products
InterBay and Foundation have both announced reductions in buy-to-let mortgage rates and the launch of new deals, according to Mortgage Strategy.
InterBay has cut rates by up to 20 basis points on buy-to-let products for both new customers and those seeking product transfers. Notably, a two-year fixed rate at 75% loan-to-value (LTV) for new customers borrowing between £1 million and £2 million has been reduced from 5.34% to 5.14%. For loans between £2 million and £10 million, the same product has dropped from 5.14% to 4.94%. Both of these deals carry a 5% fee.
The lender, which is part of OSB Group, has also introduced a new 65% LTV tier and a pricing band for loans between £10 million and £25 million, offering lower rates for those borrowing larger amounts.
Meanwhile, Foundation has launched several new products in its buy-to-let range. These include two- and five-year fixed rate mortgages at 80% LTV for F1, standard houses in multiple occupation (HMO), and multi-unit freehold block (MUFB) properties. Rates start from 5.09% with a 3% fee on two-year fixes, and from 5.69% with a 4% fee on five-year fixes. Foundation has also reintroduced 80% LTV lending for HMOs and MUFBs.
These changes may be of interest to UK letting agents and inventory clerks monitoring mortgage product developments for landlords and property investors.
Source: Mortgage Strategy