"It’s important we continue to offer a wide range of product options to borrowers with different needs and circumstances."
- Tom Jacob, director of product and marketing at Foundation Home Loans
The Buy to Let brand of Foundation Home Loans has announced new limited edition buy-to-let products alongside a number of price cuts, while its Residential brand has also reduced selected product rates.
Buy to Let by Foundation has launched two new products for F1 borrowers - for clients with an almost clean credit history – offering a limited edition five-year fixed-rate at 75% LTV, with a rate of 5.44% and a fixed fee of £4,995. This product has a minimum loan size of £200,000.
It has also launched new F1 two-year fixed-rate specials, priced at 4.79% up to 65% LTV and 4.99% up to 75% LTV. Both products come with a 4% fee.
The lender has also cut rates on its F1 five-year special portfolio landlord-only products by 10 basis points, with rates now starting from 4.89% with a 6% fee. In addition, it has cut its 5% fee F1 five-year special portfolio landlord products by 10bps, with rates now starting from 5.09%. These products come with no application fee and a free valuation.
Residential by Foundation has cut rates on both its F1 – for those borrowers who just miss out on the mainstream due to historical credit blips – and F2 – for borrowers who have recent credit blips – two-year fee-assisted fixed-rates.
The F1 and F2 products have been reduced by 10bps with rates now starting at 6.79% for F1 and 6.89% for F2, both at 65% LTV with a £795 fee.
Tom Jacob, director of product and marketing at Foundation Home Loans, said: “We are continuing to review our product offering across all of our lending brands, and are pleased to be offering these new two and five-year buy-to-let options in our core range, both available up to 75% LTV, with differing fee structures.
“At the same time we can also cut pricing on our five-year fixes for portfolio landlords, plus are able to cut rates for both F1 and F2 specialist residential borrowers.
“We are now offering highly competitive rates for landlord borrowers who have an almost clean credit history with selective two-year and five-year fixes now below 5%, depending on the type of landlord borrower. It’s important we continue to offer a wide range of product options to borrowers with different needs and circumstances.
“We’ll continue to review our offering and to ensure advisers have a strong depth of product options available to be able to support their specialist clients, whether landlords or owner-occupiers.”
