Moda launches fee-free BTL fixes from 4.19%

ModaMortgages has launched two- and five-year buy-to-let fixes from 4.19 percent with no application or valuation fees, opening the range to individual and limited-company landlords borrowing up to 80 percent loan to value.

HMO and multi-unit freehold block products in the new limited-edition range cover properties of up to six bedrooms or units and start at 4.29 percent. Borrowers can choose percentage fees of 2, 5 or 7 percent, or fixed fees of £7,499 and £9,999.

Upfront arrangement costs are the focus of the announcement rather than the headline rate alone. A no-fee product can help a landlord preserve cash for a deposit, works or contingency, but the appropriate choice still depends on the loan size, rate, fee and expected time before repayment or remortgage.

Fee options need a full cost comparison

ModaMortgages has not presented the launch as a blanket rate cut. Instead, it has added a menu of fee structures around its fixed-rate products. The 4.19 percent starting rate applies to single-dwelling properties; the starting rate for the lender’s HMO and MUFB range is 4.29 percent.

Specialist-property borrowers need to make that distinction. A lower initial rate can be outweighed by a percentage fee on a larger balance, while a fixed fee can be expensive on a smaller loan. The press announcement does not set out every product rate, so applicants should obtain the current illustration and compare the total payable over the intended fixed period.

Becki Fraser-Tucker, head of sales at ModaMortgages, said products without application or valuation fees could be attractive while landlords assess the costs attached to their investments. She said the range was designed for both single dwellings and larger shared or multi-unit properties.

HMO mortgages and higher-LTV options

Available at up to 80 percent LTV, the products are open to individual and limited-company investors. For an HMO or MUFB, the lender’s limit of six bedrooms or units is a practical boundary: landlords with larger properties or more complex security will need to check whether a different product or lender is required.

Moda’s offer arrives against a less certain wider pricing picture. Landlord Knowledge’s 8 September report on lenders raising mortgage rates as swaps climbed showed that product repricing has not moved in one direction. A zero-upfront-fee option may soften acquisition costs, but it is not a substitute for comparing the cost of borrowing across the full term.

What Moda’s launch changes for borrowers

At its 17 September meeting, the Bank of England held Bank Rate at 3.75 percent, but that has not removed the need for care over fixed-rate pricing. Three Monetary Policy Committee members voted for an increase, leaving lenders and borrowers to weigh the risk that market funding costs may remain unsettled.

In its product announcement, ModaMortgages confirms the new range and its fee choices. The lender has not announced an end date in that notice, so landlords and brokers should treat the limited-edition label as a reason to verify availability before relying on a particular illustration.

What this means for landlords

If you’re buying or remortgaging: compare the no-application and no-valuation-fee option against percentage and fixed-fee alternatives using the same loan amount and fixed period.
If you own an HMO or MUFB: check the six-bedroom or six-unit limit before spending on a valuation or submitting an application.
Watch for: product withdrawal or repricing, as the lender has described the range as limited edition.
Bottom line: 4.19 percent is a starting point for single dwellings, not a complete measure of the loan’s cost.

Editor’s view
Fee-free pricing is useful only when it produces a lower cost over the period a landlord expects to keep the loan. The stronger comparison is not between two headline rates, but between complete mortgage illustrations for the same property and borrowing plan.

Author: Editorial Team – UK landlord & buy-to-let news, policy, and finance
Published: 21 September 2026

Sources: ModaMortgages
Related reading: Moneyfacts: HSBC and NatWest raise rates as swaps climb