Foundation Home Loans reduces BTL and owner-occupier rates by up to 0.75%
Foundation Home Loans, the intermediary-only specialist lender, has today announced rate reductions of up to 0.75% on selected buy-to-let specials and 0.60% on owner-occupier specials.
The lender has also launched a new limited edition buy-to-let five-year fixed rate at 5.39% with a flat fee of £4,995, available up to 75% LTV and maximum loan of £1.5m.
For buy-to-let, Foundation has introduced price reductions on its two and five-year fixed-rate BTL specials at both 65% and 75% LTV. F1 and F2 BTL fixed rate specials have been reduced by up to 0.70%.
Foundation’s two-year fixed rate HMO special has been cut by 0.75% to bring this in line with the specialist lender’s F2 BTL product offering. Standard buy-to-let fixed rates now start from 5.29%, with HMO specials now starting from 5.34%.
These products are available for both individual and limited company borrowers across Foundation’s F1, F2 and ‘standard’ HMO product ranges. They come with a 1-2% product fee and are also available up to a maximum loan size of £1m.
In the owner-occupier range, Foundation has cut rates on its fixed rate owner-occupier specials by up to 0.55% across its F1 tier – for clients just missing out on the mainstream – and by up to 0.60% across its F2 tier – for clients with recent credit blips. Rates now start from 5.89% up to 65% LTV.
Foundation also continues to offer green products for owner occupier and landlord borrowers, covering five-year fixed-rate options for F1, F2 standard, standard HMO, large HMO/multi-unit block, short term let and a green expat option. These are available for purchase and remortgage purposes.
Foundation’s current service levels continue to average turnaround times of one day for DIP referral, application and underwriter review for all cases.
George Gee, managing director (commercial) at Foundation Home Loans, said: “We are pleased to be able to offer some significant rate reductions across our buy-to-let and owner-occupier product ranges, reflecting some increased economic stability and growing demand across these markets as we move into Q2.
“HMO mortgage products within the buy-to-let market continue to capture the attention of landlords as they look to add to, and diversify, their portfolios whilst looking to maximise yields. This brings our HMO specials in line with our F2 fixed rate BTL specials, in recognition of the increased market demand, and this represents a highly positive move for those landlords who are active in this area of the market.
“We expect these products to prove attractive to a range of borrowers who are now becoming accustomed to a new interest rate normal and those who will benefit from our excellent service levels which continue to allow our intermediary partners to be confident in being able to rely on us to deliver the solutions that matter for their clients at pace and with complete transparency.”