It slashes rates by up to 0.85%
Intermediary-only specialist lender Foundation Home Loans has reduced rates of mortgage products on its core owner-occupier and core buy-to-let ranges.
In the owner-occupier range, Foundation has cut rates by up to 0.85% across its F1 tier and by up to 0.65% across its F2, F3, and F4 tiers. Rates now start from 6.94% at up to 65% loan-to-value (LTV).
The lender has also extended its owner occupier 85% LTV tier to include F1 green and F1 professionals products, and a new 80% LTV tier has been added to its F2 product range. Fees have also been reduced on the F1 green and F1 professionals products to £795 and £995 respectively.
In the buy-to-let range, two-year fixed rate products have been reintroduced for large houses in multiple occupation (HMOs) and short term lets, both with a 1% fee. The two-year fixed rate large HMO product has a rate of 7.84%, while the two-year fixed rate short term let product has a rate of 7.94%, both are available up to 75% LTV.
| For intermediaries only |https://t.co/tp46TKesIO
— Foundation Home Loans (@foundationhome1) July 27, 2023
We have reduced our #BuyToLet fixed rates by up to 0.60%, now starting at 6.84% and our current average service levels remain just 1 day for DIP referral, application and underwriter review.#SolutionFound #SpecialistLending pic.twitter.com/J16WQu48fF
Foundation has also introduced price reductions across its entire core BTL product range by up to 0.60%. Fixed rates now start from 6.84% at up to 65% LTV, with discounted rates starting from 7.09% at up to 75% LTV.
Just last week, the specialist lender added a new limited edition five-year fixed rate product to its buy-to-let range.
“As a lender, we’re always looking to be on the front foot when it comes to supporting borrowers and our intermediary partners,” Tom Jacob (pictured), director of product and marketing at Foundation Home Loans, stated in a post announcing the product changes. “This repricing across our core owner-occupier and BTL product ranges represents a highly positive move in what has been a testing time for a variety of borrowers.
“We hope the additional products introduced to our owner occupier range will give our intermediary partners and their clients more options when looking for a specialist solution.”
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