Rates were reduced across its core owner-occupied and core BTL ranges
Specialist lender Foundation Home Loans has reduced rates by up to 0.70% across its core owner-occupied range and up to 0.35% across its core buy-to-let range.
The owner-occupied products reprice includes reductions of up to 0.70% across the lender’s F1 and F2 variable rate products, now starting at 5.99%, and reductions to F1 Green – for those borrowers with a property EPC rating of ‘C’ and above – with two- and five-year fixed rates starting at 6.24%, with a flat fee of £995 and one free valuation.
The intermediary-only lender has also made rate cuts to its two- and five-year Professionals mortgages – for eligible borrowers working in a number of professions eligible to borrow up to six times income from Foundation – with rates starting at 6.34%, a flat fee of £1,495 and one free valuation. It has also reduced products in its F3 and F4 credit tiers, with rates now starting from 6.99% with a flat £995 fee.
In its core buy-to-let range, Foundation has introduced a number of rate reductions across both its F1 and F2 products, including a new F1 65% loan-to-value (LTV) five-year fixed-rate with a rate of 5.74% and a flat fee of £3,995, for large loans of £200,000 to £2 million.
FOR INTERMEDIARIES ONLY Rate reductions including new BTL fixed rates starting from 5.74%. See the refreshed #BuyToLet specials range, calculate your clients’ maximum loan or submit a DIP today! https://t.co/yrEppnAz6J #SolutionFound #SpecialistLending pic.twitter.com/9ZUSlwXFCi
— Foundation Home Loans (@foundationhome1) May 3, 2023
The specialist lender has also cut rates on its green buy-to-let five-year fixes, which come with a 1.25% fee, a free valuation, and no application fee, with rates starting at 5.89%. Its F2 five-year fixed-rate for standard houses in multiple occupation is now at 6.19% with a fixed fee of £1,995, while its short-term let products have been reduced by up to 0.35%, with rates starting at 6.29%.
The latest product changes follow rate reductions to a number of Foundation buy-to-let and owner-occupier specials.
“We are very pleased to be announcing further rate cuts across both our core owner-occupied and buy-to-let product ranges today, which are available to borrowers right across our tiers, from F1 through to F4,” George Gee (pictured), commercial managing director at Foundation Home Loans, stated in a post announcing the rate reductions.
“In particular, we would like to highlight those fee-assisted products which come with flat fees, and also benefit in some cases from no application fee and free valuations. We know that meeting affordability remains a significant challenge for advisers and their clients, and our focus on rate cuts and fixed fees is designed to help in this regard.”
Gee noted that there was a growing specialist borrower demographic, in both the owner-occupier and buy-to-let space.
“We remain committed to lending in these sectors and to ensuring advisers have access to a wide range of product choice, including options for those with complex incomes, but also in terms of green mortgage availability, products for professionals, and a range of others,” he added.
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