It also reintroduces 80% LTV products
Intermediary-only specialist lender Foundation Home Loans has announced further rate reductions across its owner-occupier special products, as well as the introduction of new owner-occupier five-year fixed-rates for its F1 and F2 tiers, and green F1 mortgages.
Special product rates for owner-occupiers have been reduced by up to 10 basis points (bps) while fees have been reduced by £500 to £995.
The lender has also launched two new special fee-assisted F1 – for clients just missing out on the mainstream – and F2 – for clients with recent credit blips within the last 24 months – five-year fixes, available up to 65% loan-to-value (LTV), with a reduced fee of £795, one standard valuation ,and no application fee. Rates start from 6.59%.
In its core owner-occupier range, it is also introducing new five-year fixed-rate products for F1 and F2 borrowers, as well as new two- and five-year fixed green F1 ABC+ products for properties with an energy performance certificate (EPC) rating of ‘C’ and above.
Foundation is also reintroducing 80% LTV products for owner-occupiers, again for both F1 and green F1 borrowers, with rates starting at 7.19% fixed for two years.
See the new 80% LTV products, as well as the residential limited edition Special 5 year fee-assisted Fixed Rates to 65% LTV with a reduced product fee. Click here to try the calculator #SolutionFound #SpecialistLending | For intermediaries only | https://t.co/xlcr5vPwzq pic.twitter.com/jCGOYpUBlf
— Foundation Home Loans (@foundationhome1) March 9, 2023
For buy-to-let products, Foundation is also reducing selected special product rates and fees. Two-year fixed-rate specials have seen their product fees reduced from 2% to 1%, while the lender’s F1 five-year fixed, 65% and 75% LTV specials have seen cuts up to 10 bps, with rates starting at 5.94%.
Foundation had made rate cuts last month on its owner-occupier and buy-to-let mortgage products.
“Much of these changes focus on our special and core owner-occupier products,” George Gee (pictured), commercial managing director at Foundation Home Loans, said. “We believe this provides a greater array of choice, in particular for those existing homeowner borrowers seeking to remortgage, and by dropping the fees on those products, it should also help them in terms of keeping those initial costs down.
“Overall, we believe these changes, coupled with the rest of our core range, provides both advisers and their specialist owner-occupier and buy-to-let clients with a greater array of choice to fit many different needs and circumstances, and we’re looking forward to working with advisers to help them find the solutions they need.”
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