Platform and Foundation Home Loans are the latest lenders to trim rates on selected mortgage products.
Platform will cut rates on selected residential products by up to 0.2% while Foundation Home Loans has reduced the cost its buy-to-let ‘specials’ range by up to 0.15%.
Platform’s rate cuts are effective from Friday (3 November). The reductions will apply to product switches and will mean a two-year fixed rate (at 60% LTV) is priced at 5.2%. This product comes with a £1,249 fee.
As a result of these rates changes a three-year fix now starts at 5.19% and a five-year fix at 4.87% — both again at 60% LTV and with a £1,249 fee.
Meanwhile, Foundation Home Loans has, from today, lowered rates on its five-year F1 portfolio landlord-only fixed rate product by 0.15%. This now has headline rates of 5.84% at 65% LTV, or 5.94% at 75% LTV. This deal has a free valuation, no application fee but a 5% arrangement fee.
The specialist lender has also cuts its two-year F1 and F2 fixed rate by up to 0.1%, with rates now starting from 5.99%. In addition Foundation has also reduced its standard F2 HMO fixed rate ‘specials’ by 0.1% For HMOs of up to six bedroom these rates will start from 6.19% for a two-year fix or 6.54% for a five-year fix.
Foundation has also re-introduced two five-year BTL special into its ‘specials’ range with rates starting from 6.39%, with products available up to 75% LTV.
Foundation Home Loans director of product and marketing Tom Jacob says: “We continue to operate in a highly reactive buy-to-let marketplace and we hope these enhancements to our specials product range will provide those landlords with access to viable and attractive options.”
