It also introduces new discount products
Specialist lender Foundation Home Loans has announced further price reductions across its owner-occupier and buy-to-let product ranges.
In its owner-occupier range, Foundation has made rate reductions of up to 150 basis points (bps) to its current core fixed rate offering across its four residential tiers.
Foundation has also lowered the rate on its owner-occupier green ABC+ product for properties with an energy performance certificate (EPC) rating of ‘C’ and above, now priced at 6.44%, which was previously 7.89%. The change, Foundation said, was to provide additional savings for homeowners who were seeking to finance or refinance qualifying properties.
We have reduced some of our Residential core rates by 1.50%, with discount rates now starting from 6.44% (reversion - 2.55%) Click here to find out more #SolutionFound #SpecialistLending | For intermediaries only | https://t.co/RfgvT4cU1K pic.twitter.com/eAJmElIXyD
— Foundation Home Loans (@foundationhome1) February 17, 2023
Foundation had made rate cuts earlier this month on its owner-occupier and buy-to-let mortgage products by up to 90 bps.
The intermediary-only lender is also introducing two new owner-occupier F1 discount products at both 65% and 75% LTV with rates starting at 6.44%, with a £1,495 fee.
For buy-to-let, Foundation has made rate reductions of up to 180bps across its current five-year green product range – again for properties with an EPC rating of ‘C’ and above – covering both F1 and F2 tiers. F1 is for borrowers with an almost clean credit history, while F2 is for those with a more specialist property type or those with some historical blips on their credit rating.
Green buy-to-let five-year fixed rates are now available up to 75% LTV and will start at 6.44% with a 1.25% fee. There are green fixed rate options for standard properties as well as standard houses in multiple occupation (HMOs), large HMOs or multi-unit blocks (MUBs), short-term lets, and expat borrowers.
The lender is also introducing two new green two-year discount products, in both the F1 and F2 tiers, with rates from 6.49%, offered with a free valuation, no application fee, and the benefit of no early repayment charges (ERCs) with the discount.
There are also new buy-to-let discount products across Foundation’s F1, F2, HMO, MUBs and short-term lets, available up to 75% LTV for both individuals and limited company borrowers. Rates start at 6.59% for F1 borrowers.
George Gee (pictured), commercial managing director at Foundation Home Loans, said they were pleased to be able to cut rates across a large number of both owner-occupier and buy-to-let products.
“At the same time, we wanted to open up ERC-free discount product options to both residential and landlord borrowers, which we know in the current rate environment, will have an appeal particularly as they come with no early repayment charge, allowing clients to more easily review their finance options over a shorter time period,” he added.
“Overall, we believe these rate cuts, and the introduction of a variety of new discount products, means advisers and their specialist borrower clients have a greater array of product choice to meet their needs.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter.
