Lenders relaunch buy-to-let products

The Mortgage Lender and Foundation Home Loans has relaunched their buy-to-let mortgage products.


Buy-to-let products are fixed for five years, and include a rate of 6.04% to 75% loan-to-value with a £2,495 completion fee. There are also options with a 2.5% and 1.5% completion fee.

Meanwhile to 80% LTV there is a rate of 6.24% with a £2,495 fee.

TML withdraw products last week, saying this was due to the volatility in financial markets and to protect service levels after other lenders removed products.

Residential rates to 75% loan-to-value start at 6.30% for both 2-year and 5-year fixed rates at 6.30% with a £1,495 completion fee, £150 application fee and £30 valuation variable.


Foundation Home Loans’ F1 75% two-year discount product now has rates of 4.19% to 75% LTV and 4.74% to 80% LTV.

It has also introduced discount rates at 75% LTV for standard applicants, those seeking to purchase/refinance standard HMOs, and for short-term lets.

Foundation has also reintroduced its F1 five-year fix ‘Early’ remortgage product that allows landlord borrowers to remortgage within six months of the initial purchase.

Volatile market

Peter Beaumont, chief executive of TML, said: “The market is currently subject to extreme volatility which is making things exceptionally difficult for both intermediaries and borrowers.

“Given the current dearth of products available we wanted to relaunch our buy to let and residential ranges back into the market as quickly as possible to support borrowers wherever possible.

“We have repriced our range for a market that is quite different to the market only a week ago.

“We remain fully committed to lending and we understand that the rapidly changing economic environment has created real uncertainty and worry. We will continue to monitor the situation closely and will remain agile in our response.”’

George Gee, managing director, commercial, at Foundation Home Loans, said “Our decision to replace our buy-to-let mortgage product range was not taken lightly, but in the context of what is happening within the markets right now, and in order to respond to that and to the changes made by our lender peer group, we needed to act.

“We hope that by providing as much notice as possible to advisers, they will be able to convert their DIPs into FMAs and secure the previous product pricing before we replaced the whole range this morning.

“As you will have seen there is considerable pressure on lenders’ ability to provide shorter-term fixes right now and we have reluctantly made the decision not to replace these in the new range. However, we have cut our discount product pricing which should provide a competitive option for those seeking two-year buy-to-let mortgages.

“Our service remains at very high levels which will allow us to work quickly on behalf of advisers over the next few days, and we want advisers to know we are here and ready to help them in order to get the best outcomes for their landlord clients.

“Foundation’s appetite to lend in the buy-to-let space remains undimmed and we are introducing new discount rates plus reintroducing our early remortgage offering in order to support advisers and their client’s activities during what is, undoubtedly, a somewhat uncertain mortgage environment.

“We would urge advisers to contact Foundation so that we can best support them and meet their requirements in the days ahead.”

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