Zephyr Homeloans has launched new five-year fixed buy-to-let products with no valuation fee and no application fee, while also widening its lending criteria for more complex landlord structures.
For landlords, the product launch matters less because it is the cheapest rate in the market and more because it trims some of the upfront friction around refinancing or new purchases. On Zephyr’s standard property range, the new five-year fixes start at 5.84 percent with a 2 percent fee or 6.24 percent with no product fee. On small HMOs and multi-unit freehold blocks up to six bedrooms or units, the equivalent rates start at 5.99 percent with a 2 percent fee or 6.39 percent with no fee.
Limited company buy-to-let criteria widen with launch
The lender says the new products are open to both individual landlords and limited companies, and sit alongside changes that now allow lending to subsidiary companies within more layered corporate structures. Zephyr has also confirmed it will support corporate lets where the tenant is housing employees under a licence arrangement rather than a tenancy.
That combination gives the launch a more practical edge than a simple rate cut. Many specialist lender updates focus on headline pricing, but Zephyr is also trying to widen the number of cases it can say yes to. For portfolio landlords, that could matter as much as the rate itself, especially where company structures have become more complex over time.
This follows Landlord Knowledge’s recent report on Melton Building Society entering the limited company buy-to-let market, which showed lenders still competing for landlord business despite regulatory pressure. Combined with earlier coverage of lenders cutting buy-to-let rates, the latest move suggests product choice is still expanding even if pricing remains well above the ultra-cheap fixes landlords were used to before interest rates jumped.
Where the new five-year fixes may suit landlords
For landlords trying to preserve cash, the no valuation fee and no application fee angle may be the bigger draw than the headline rates. Upfront costs can quickly eat into refinancing savings, particularly on lower-value properties or where a landlord is restructuring borrowing across several homes.
There is a catch, though. The cheapest options still come with product fees, and the fee-free versions are priced higher. That means landlords will still need to weigh whether paying more at completion reduces the true cost over five years. The wider criteria may also appeal most to experienced borrowers rather than smaller landlords with straightforward single-property cases.
Zephyr’s criteria pages also show the lender remains active across standard buy-to-let property, HMOs, MUFBs and limited company borrowing in England and Wales, with details published on its latest product and lending criteria pages.
What this means for landlords
- If you’re refinancing this quarter: compare the fee-free Zephyr options against lower-rate deals with product fees, because the cheaper headline rate may not produce the lowest five-year cost.
- If you use limited company structures: the new support for subsidiary companies could widen lender choice for portfolios that no longer fit simple SPV borrowing.
- Watch for: whether other specialist lenders respond with lower-fee five-year fixes rather than headline rate cuts alone.
- Bottom line: this is a useful criteria and cost tweak for active landlords, but it is not a sign that buy-to-let borrowing has suddenly become cheap again.
Editor’s view
Landlords do not just shop on rate any more. In a market where fees, structure and underwriting all shape the real cost of borrowing, lenders that remove friction may win as much attention as those chasing the lowest number.
Author: Editorial Team – UK landlord & buy-to-let news, policy, and finance
Published: 12 May 2026
Sources: Zephyr Homeloans products page, Zephyr Homeloans criteria page
Related reading: Melton BS enters limited company buy-to-let
