New products include a five-year fixed rate limited edition mortgage, available at 5.99% up to 80% LTV. The product is available for purchase or remortgage and has a maximum loan amount of £750,000 and a fixed £1,295 fee, available for owner-occupiers who just fall outside the mainstream or need added flexibility.
The lender has also reduced rates for borrowers with recent blips within the last 24 months on its special fee-assisted two and five-year fixed-rate products. In the F1 range, rates have been reduced by 20 bps, now starting at 6.24% with a fee of £795, while in the F2 range, rates have also been reduced by 20 bps, now starting at 6.34%.
Residential by Foundation has also reduced rates on selected products in its core range, which includes green mortgages – for owner-occupier borrowers purchasing or remortgaging energy-efficient properties which have an EPC rating of C or above.
Tom Jacob, Director of Product and Marketing at Foundation Home Loans, said: “We continue to see a growth in demand from residential borrowers who are just beyond the mainstream in terms of their finances or their wants and needs, and it’s important we continue to review our product range to support advisers with these types of clients.
“We’re therefore very pleased to be able to announce a new F1 limited edition five-year fix, which comes with a competitive rate, is available up to 80% LTV, and comes with a fixed fee. Plus we are also using this opportunity to cut rates on our selected F1 and F2 special edition and core residential products, making those rates more competitive, and helping borrowers meet the affordability criteria.
“Specialist residential borrowing is becoming an ever-growing part of our market, and at ‘Residential by Foundation’ we are continuing to evolve our proposition to ensure it takes this into account. We have products for a variety of borrowers, from professionals to key workers, the self-employed to those with a low credit score, from those with complex incomes to those borrowing into retirement, and we are here to support advisers as they seek the right product solutions for this wide array of borrowers.”
