It also launches a new seven-year fixed rate buy-to-let product
Intermediary-only specialist lender Foundation Home Loans has reduced rates across both its owner-occupied and buy-to-let product ranges and expanded its options with the launch of a new seven-year fixed rate buy-to-let deal.
In its owner-occupied range, the lender has made rate cuts of up to 40 basis points (bps) across both two- and five-year fixed rate mortgages for both its F1 and F2 products, designed for borrowers who just miss out on the mainstream and for those with recent credit blips respectively.
Rate reductions of up to 30bps have also been made across Foundation’s specials buy-to-let range for F1 and F2 offerings, for landlord borrowers with an almost clean credit history and for clients financing a more specialist product type and/or those with some historical blips on their credit rating respectively.
In addition, selected buy-to-let two-year fixed rate special products have been reduced by 25bps including a 5.74% product for 65% LTV in the F1 range, and 5.84% at 65% LTV in the F2 range. Five-year buy-to-let fixed rates have been cut by 15bps and are now at 5.69% for 65% LTV and 5.74% for 75% LTV on the special portfolio landlord F1 product, which comes with a 5% fee, no application fee and a free valuation.
Meanwhile, Foundation has also launched a new seven-year fixed rate BTL product, available at 6.99% for 75% LTV, and a new 1% fee.
“Both our specials and limited edition products play a significant role within our overall owner-occupied and buy-to-let product ranges, and we’re very pleased to be able to cut rates across a large number of these products today,” stated Tom Jacob (pictured), director of product and marketing at Foundation Home Loans.
“Offering product choice and options is clearly crucial in today’s mortgage market, and these products come with a number of incentives, from lower rate or higher fee options and no application fees and free valuations for some buy-to-let products, to lower fixed fees, free valuations and no application fee for owner-occupied specials.
“At the same time, we are launching a new seven-year fixed rate buy-to-let product at 75% LTV within our core range, as we continue to provide a variety of product options for landlord borrowers.”
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