Foundation Home Loans has announced a round of mortgage rate cuts across its buy-to-let and residential ranges. The specialist lender is also tempting borrowers with new fee-free deals and promising a speedy decision on applications.

The biggest cuts are aimed at landlords with rates on some buy-to-let mortgages slashed by 0.30%.

Here are the key changes for buy-to-let landlords:

• Five-year fixed rate mortgages for portfolio landlords (with four or more mortgaged properties) have been reduced by up to 0.05%. Rates now start from 4.84% with a 6% fee. These mortgages are available up to 75% loan-to-value.
• Landlords opting for a five-year fixed-rate with no application fee and a free valuation will see rates starting from 4.99% with a 5% fee. This is a reduction of 0.10%.
• All other buy-to-let mortgages in the ‘specials’ range have been cut by 0.25%. For example, rates on five-year fixes for Houses in Multiple Occupation (HMOs) now start from 5.14% with a 3% fee.

There are also changes to residential mortgages aimed at homebuyers who don’t fit standard lending criteria. Highlights include:

• Cuts of up to 0.30% on two and five-year fixed-rate mortgages. These come with a £795 fee but no application fee and a free valuation. The maximum loan-to-value is 65%.
• Four new two and five-year fixed rate mortgages have also been launched for loans up to 75% of the property value. Again, these come with a £795 fee but no application fee and a free valuation.

Foundation says it aims to make a decision on mortgage applications within one working day.

Tom Jacob, Director of Product and Market at Foundation Home Loans, said: “With rates reduced by up to 0.30% and enhanced features such as no application fees and free valuations on selected products, we’re confident these changes will enable intermediaries to offer more attractive solutions to their clients, helping them secure the best possible outcomes in today’s dynamic market.”

He added: “At Foundation Home Loans, we’re committed to providing our intermediary partners with competitive and versatile product options that meet the evolving needs of their clients.”

Foundation Home Loans only lends through mortgage brokers so you will need to contact a broker to apply for a mortgage.