It highlights the benefits of the new products to clients
Intermediary-only specialist lender Foundation Home Loans has announced new offerings within its brands, ‘Buy to Let by Foundation’ and ‘Residential by Foundation’.
On Friday, the company launched a five-year fixed-rate Limited Edition product under its buy-to-let brand. The product, available in the F1 tier for clients with near-pristine credit histories, offers a 5.59% rate up to 75% loan-to-value (LTV) with a 2.25% fee.
Simultaneously, ‘Residential by Foundation’ announced a 30-basis point reduction on its F1 tier products, aimed at clients with minor credit issues. The reductions apply to two- and five-year fixed-rate remortgage products. The new rates are as follows.
Two-year fixed options:
- 80% LTV: 6.54%
- 85% LTV: 6.74%
Five-year fixed options:
- 80% LTV: 6.24%
- 85% LTV: 6.44%
These residential products feature a fixed fee of £595, free valuation, no application fee, and a cashback of £350, designed to reduce upfront costs for borrowers.
Tom Jacob (pictured), director of product and marketing at Foundation Home Loans, highlighted the competitive nature of the new buy-to-let offering and the benefits of the reduced rates for residential products.
“Upfront costs are often a major concern for residential borrowers looking to remortgage, particularly those that don’t qualify for the mainstream, and we believe these products, especially with a significant rate cut, will mean they appeal to a much broader client demographic,” said Jacob.
“At Foundation we’ll continue to look at the ways and means by which we can support advisers with specialist clients, whether in the buy-to-let, residential or via our more specialist buy-to-let lending proposition, ‘Solutions by Foundation’.”
The lender continues to expand its range of products, including recently introducing Joint Borrower Sole Proprietor mortgages, allowing up to four borrowers on the mortgage with two on the property deed.
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