"This is an important time of the year for many landlord borrowers, particularly those who are looking for refinance options in the current market. These new and refreshed buy-to-let products provide a further range of rate options"
- Tom Jacob - FHL
Foundation Home Loans has announced that it has made 'significant price cuts' in both its F1 and F2 ranges following last week's launch of new owner-occupied mortgages and Special products.
In its F1 tier – for borrowers with an almost clean credit history – Foundation is also launching a new Limited Edition, two-year fixed-rate buy-to-let product, available up to 70% LTV, priced at 5.94% with a 3.5% fee.
Foundation has also reduced its F1 two-year fixed rates by up to 35 basis points (bps), with rates starting at 6.94% for its 65% LTV, with a 1.5% fee.
Foundation has also made changes to its two-year range within the F2 tier – for borrowers financing a more specialist property and/or those with some historical blips on their credit rating – with rates cut by up to 35 bps, starting at 7.09%.
Standard HMO F2 two-year fixed rates are now offered at 7.19% up to 65% LTV (a cut of 25 bps) and 7.29% up to 75% LTV (a cut of 20 bps). Both products come with a fee of 1.5%.
Short-term let two-year fixed rates have also had rates cut, available at 7.34% up to 65% LTV (a cut of 15 bps) and 7.44% (a cut of 10 bps) – both products also come with a 1.5% fee.
Tom Jacob, Director of Product and Marketing at Foundation Home Loans, said: “We continue to take the opportunity to review and refresh our Core buy-to-let product range and this week we are able to make some significant price cuts in both the F1 and F2 ranges, plus for both standard HMOs and short-term let products.
“This is an important time of the year for many landlord borrowers, particularly those who are looking for refinance options in the current market. These new and refreshed buy-to-let products provide a further range of rate options.
“Foundation is fully committed to the buy-to-let product space and we would urge advisers to contact our sales team to see how we can support their business in this important area.”
