It also cuts rates on select BTL and residential products
Foundation Home Loans has announced new limited edition buy-to-let products and price reductions across its ‘Buy to Let’ and ‘Residential’ brands.
The Buy to Let by Foundation brand introduced two new limited edition products for F1 borrowers, targeting clients with an almost clean credit history.
The first product is a five-year fixed rate option available up to 75% loan-to-value (LTV), featuring a rate of 5.44% and a fixed fee of £4,995, with a minimum loan size of £200,000. Two-year fixed rate specials have also been launched, priced at 4.79% up to 65% LTV and 4.99% up to 75% LTV, both carrying a 4% fee.
In addition, the lender has reduced rates on its F1 five-year, special portfolio landlord-only products by 10 basis points (bps), with rates now starting from 4.89% with a 6% fee. The F1 five-year special portfolio landlord-only products with a 5% fee have also seen a 10bps reduction, with rates now starting from 5.09%. These products include no application fee and a free valuation.
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Under its “Residential by Foundation’ brand, the lender has reduced rates on both its F1 and F2 two-year, fee-assisted fixed-rate products by 10 bps.
The F1 products now start at 6.79%, and F2 products at 6.89%, both for 65% LTV with a £795 fee. The F1 products cater to borrowers just missing out on mainstream due to historical credit blips, while F2 products are for those with recent credit blips.
“We are continuing to review our product offering across all of our lending brands, and are pleased to be offering these new two- and five-year buy-to-let options in our Core range, both available up to 75% LTV, with differing fee structures,” Tom Jacob (pictured), director of product and marketing at Foundation Home Loans, commented on the product changes. “At the same time, we can also cut pricing on our five-year fixes for portfolio landlords, plus are able to cut rates for both F1 and F2 specialist residential borrowers.
“We are now offering highly competitive rates for landlord borrowers who have an almost clean credit history with selective two-year and five-year fixes now below 5%, depending on the type of landlord borrower. It’s important we continue to offer a wide range of product options to borrowers with different needs and circumstances.
“We’ll continue to review our offering and to ensure advisers have a strong depth of product options available to be able to support their specialist clients, whether landlords or owner-occupiers.”
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