ModaMortgages cuts buy-to-let rates by up to 0.40%

Specialist lender ModaMortgages has announced rate reductions across its buy-to-let product range. 

The lender is reducing rates by up to 40bps on selected products in its standard range, with two-year fixed rates now starting from 3.19% and five-year rates from 4.79%.

The reprice will also see the introduction of specific small houses in multiple occupation (HMO) and multi-unit freehold block (MUFB) products, with prices starting from 3.29% for two-year fixed rates and 4.89% for five-year fixed rates.

Products are available to a variety of landlord types, including individuals and limited companies, and all feature free valuations and no application fee.

The news comes less than a week after the lender announced it was accepting day one remortgages for bridge exit applications, and shortly after it revealed it was boosting its maximum LTV to 80%.

Darrell Walker (pictured), group sales director at ModaMortgages, said: “As the home of smarter, faster, simpler buy to let borrowing, we’re always looking for new ways to help brokers meet their clients’ needs. 

“This reprice will see rates cut by as much as 40bps on selected products in our standard range and the introduction of HMO and MUFB-specific products which are ideal for properties with up to six bedrooms or units.”