‘Buy to Let by Foundation’ announces rate cuts across both Core and Specials product range
29 May 2024
‘Buy to Let by Foundation’, the buy-to-let brand of Foundation Home Loans, the intermediary-only specialist lender, has announced a refresh of both Core and Special buy-to-let products, with the introduction of a 4.99% five-year fixed-rate mortgage for portfolio landlords.
Within the Core range, Foundation has reduced rates on its F1 – for portfolio and non-portfolio landlords with an almost clean credit history – five-year fixed rates by up to 50 basis points (bps), with rates starting from 5.74%.
It has also reduced rates on its F2 – for those with some historical blips on their credit rating – standard five-year fixes by 45bps, with rates starting from 5.94%, and its F2 standard HMO five-year fixes by 20bps, with rates starting from 6.29%.
In its Specials range, the lender has reintroduced its Portfolio Landlord Only five-year fixed rate, available up to 75% LTV, with rates starting from 4.99%. The product comes with a 6% fee.
It has reduced rates on its F1 standard Special two-year fixed rates by 15bps, with rates starting from 5.34%, and reduced rates on its F2 HMO Special two- and five-year fixes also by 15bps, with rates starting from 5.39%.
The lender’s residential brand, ‘Residential by Foundation’, has also announced 10bps cuts to both its F1 and F2 Special Fee-Assisted two- and five-year fixes, with rates now starting from 6.44%.
‘Residential by Foundation’ offers a range of mortgages to residential borrowers who just miss out on the mainstream, including mortgages for professionals, key workers and the self-employed, and F1 through F4 credit tier products for purchase and remortgage.
The reduction of rates on the residential Specials follows the introduction of Joint Borrower Sole Proprietor (JBSP) products last week, which allow four borrowers to be named on the mortgage, up to two of whom are named on the property deed.
Foundation’s current service levels continue to average turnaround times of one day for DIP referral, application and underwriter review for all cases.
Tom Jacob, Director of Product and Marketing at Foundation Home Loans, said:
“These BTL changes, plus the reductions to our Residential Special Fee-Assisted products, provide advisers with options for clients who are just outside the mainstream or have some historical credit blips, with access to a range of highly-competitive mortgages that match their needs. The specialist mortgage market is increasingly important in today’s economy, and the lower rates we are now offering should help borrowers meet their affordability criteria and secure the level of loans they require.
“Our three Foundation brands have a growing number and breadth of product options and, as a lender, we have the expertise in this area to be able to help our intermediary partners secure the positive outcomes required for their clients.”
For more information on Foundation Home Loans, please visit: www.foundationforintermediaries.co.uk
