Shawbrook cuts buy-to-let rates as Foundation pulls 90% LTV products – Mortgage Strategy
Shawbrook has cut rates on selected buy-to-let products, including reductions of up to 25bps on larger loans.
The changes came into effect today (6 October) and cover a number of products across its range.
On SB2 five-year fixed-rate buy-to-let products, rates have been cut by up to 25bps for loans between £250,000 and £1m.
For loans between £1m and £2.5m, rates have been reduced by up to 10bps.
Shawbrook has also increased rates on selected SB1 products and made changes to some of its two-, three- and 10-year fixed-rate products.
The lender said the updated range is available for clients purchasing, remortgaging or reviewing their existing finance.
Meanwhile, Foundation Home Loans is set to withdraw its 90% LTV residential products at 5.30pm on 7 October. The products will be replaced by lower rates the following day.
Brokers wanting to secure the current products must submit a decision in principle (DIP) by 5.30pm on 7 October.
DIPs submitted before the deadline will remain valid for two working days, giving brokers until 5.30pm on 9 October to convert them into a full mortgage application (FMA).
Any DIP that has not been converted and submitted as an FMA by the deadline will no longer be valid.
Foundation has also reminded brokers that application and valuation fees must be paid within three working days of submitting an FMA. Applications without the required fees paid by 5.30pm on the third working day will no longer be valid.
The lender is urging brokers with existing DIPs to convert them to full applications as soon as possible.
The average five-year residential fixed mortgage rate has hit 6% and the average two-year fix is close behind at 5.98%, according to Moneyfacts.
