Here’s your weekly round-up of UK mortgage rate and product changes from the past seven days:
Aldermore launched a limited-edition buy-to-let mortgage range priced 20 basis points (bps) below its core products, with two-year fixed rates for individual and company landlords starting at 5.89% at 75% LTV with a £1,999 fee, or 6.09% fee-free, while portfolio landlords were offered rates from 5.84% with a £1,999 fee, alongside a no-fee product switch rate of 6.39% up to 70% LTV.
Castle Trust Bank expanded its bridging range by introducing new Light Refurbishment products for loans between £150,000 and £200,000, priced at 0.78% per month, available across both its standard Light Refurbishment and Light Refurbishment with Drawdowns options.
Fleet Mortgages reintroduced two five-year fixed-rate HMO and MUFB products, available up to 75% LTV, with a zero-fee option at 6.09% and a £1,499 fixed-fee option at 5.99% up to a maximum loan of £750,000, both carrying a £1,000 cashback on completion and available for purchase or remortgage.
Foundation Home Loans implemented a series of residential credit criteria changes and rate reductions, including cuts of up to 0.20% on selected F1 two- and five-year fixed rates to a floor of 5.99%, up to 0.15% on F2 two-year fixes to 6.19%, and up to 0.10% on F3 products to 6.44%, alongside revised adverse credit rules permitting unsatisfied CCJs and defaults registered more than six months ago, acceptance of Debt Management Plans across F2 and F3, removal of limits on unsecured and revolving credit, and the withdrawal of the F4 tier for new business. It also expanded loan-to-income limits for higher-earning borrowers, with sole applicants earning £50,000 or more and joint applicants with combined income of £70,000 or more now eligible to borrow up to 5.99 times income, up from a standard cap of 4.49 times, with the changes also available on JBSP applications of up to four borrowers.