"Clearly, we are in a period of significant movement when it comes to product rates, and we’re very pleased to be able to announce these rate cuts "
- Tom Jacob, director of product and marketing at FHL
The ‘Buy to Let’ brand of Foundation Home Loans has announced new rate cuts to its special and limited edition buy-to-let products, while its ‘Residential’ brand has also announced a reduction in two and five-year fixed rates.
‘Buy to Let by Foundation’ has announced rate cuts across its specials range for both F1 borrowers – for clients with an almost clean credit history, and F2 – for clients financing a more specialist property type.
F1 special portfolio landlord-only rates have reduced by 0.25%, now available from 4.59% with a 6% fee, while F1 fee-assisted portfolio landlord rates are down by 0.15%, starting from 4.84% with a 5% fee.
F1 special two-year fixed rates have reduced by 0.35%, now available from 4.24% with a 4% fee and 4.74% with a 3% fee.
In its F2 range, HMO special two and five-year fixed rates have decreased by 0.35% and 0.25% respectively, now available from 4.79% and 5.29%, with a 3% fee.
The lender also revised three F1 limited edition products: A two-year fixed-rate has reduced by 0.14% to 5.55% with a 1.25% fee, a new five-year fixed rate has launched at 5.54% with a £2,495 flat fee, and a Green ABC+ five-year fixed rate for properties with an EPC Level of A-C has reduced to 5.34% with a £4,495 fee.
‘Residential by Foundation’ has cut rates on both its F1 and F2 two and five-year fee-assisted fixed rates.
The F1 products have been reduced by up to 0.30% with rates now starting at 5.94%, while the F2 products have also been reduced by up to 0.30%, with rates starting from 6.14%. These products come with a £795 fee and offer a free valuation and no application fee.
Tom Jacob, director of product and marketing at Foundation Home Loans, said: “Clearly, we are in a period of significant movement when it comes to product rates, and we’re very pleased to be able to announce these rate cuts across our special and limited edition buy-to-let mortgages, as well as a number of residential two and five-year fixed-rates.
“In the buy-to-let space we are providing both competitive rates and a wide choice of fee arrangements to provide advisers and their landlord borrowers with the ability to meet affordability in a variety of ways, and to choose the fee structure that works best for them.
“A number of these product cuts are specifically aimed at portfolio landlords, while we also have both special rates for all landlord types plus those specifically looking to remortgage or finance HMOs, and within our limited edition range a product for those who are borrowing against a property which already has an EPC level of C or above.
“For specialist residential borrowers we have been able to cut rates on both two and five-year fixes in both our F1 and F2 tiers, and again we are opening up more competitive options for those borrowers who currently miss out on the mainstream.
“Overall, whether you have a landlord client looking to expand or refinance their portfolio, or you have residential borrowers who require specialist underwriting, we have plenty to offer with today’s price cuts and the rest of our range.”
