Specialist lender reduces interest rates by up to 50 basis points
Intermediary-only specialist lender Foundation Home Loans has reduced rates on both its buy-to-let and owner-occupied specials ranges.
On the buy-to-let specials range, the lender has slashed F1 five-year fix portfolio-only products with a 6% fee by 45 basis points (bps) with rates starting from 4.79%.
F1 fee-assisted five-year fix portfolio-only products with a 5% fee and F1 two- and five-year fixed rate products with a 3% fee were both reduced by up to 50bps, the former with rates starting from 5.09% and the latter with rates starting from 5.19%.
F2 house in multiple occupation (HMO) two- and five-year fixed rate products with a 3% fee were cut by up to 45bps, with rates starting from 5.34%.
Named one of Mortgage Introducer’s 5-Star Lenders of 2023, Foundation has also lowered both F1 and F2 two- and five-year fixed rate products with a £795 fee under its owner-occupied specials range by up to 40bps. Rates of F1 products – for clients who fall just outside the mainstream – start from 6.44%, while rates on F2 deals – for clients with credit blips within the last 24 months – begin at 6.54%.
The lender recently added a new limited edition five-year fix to its core buy-to-let range.
“The market continues to move positively in favour of borrowers, and as a result, we’ve been able to reduce rates across a large number of specials, for both buy-to-let and owner-occupied clients,” Tom Jacob (pictured), director of product and marketing at Foundation Home Loans, said.
“These rate reductions come as part of a set of exciting changes that Foundation is making throughout January, including significant improvements to the adviser experience as well as our product proposition. We’ll be announcing further news in this area shortly.”
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