Buy to Let by Foundation the buy-to-let brand of Foundation Home Loans, has announced the launch of a new five-year, fixed-rate Limited Edition product.
Available within its F1 tier – for clients with an almost clean credit history – the new product is available up to 75% LTV with a rate of 5.59%, and a 2.25% fee.
The lender’s residential brand, Residential by Foundation, has also announced 30 basis points (bps) cuts to its F1 – for clients who just miss out on the mainstream due to historical credit blips – two and five-year, fee-assisted fixed-rate remortgage-only products.
The two-year fix has product options at 80% LTV – now at 6.54% – and 85% LTV – 6.74%, while the five-year fixes are now available at 80% LTV – 6.24% – and 85% LTV – 6.44%.
All four residential products are fee-assisted so come with a fixed £595 fee, a free valuation, no application fee and cashback of £350.
Tom Jacob, director of product and marketing at Foundation Home Loans, said: “This week we are pleased to launch a new buy-to-let five-year Limited Edition fix with a competitive rate which should appeal to landlord borrowers, while in the residential space we’re able to cut rates by 30 basis points across four two- and five-year 80/85% LTV remortgage-only products.
“These residential products also come with a number of other benefits, namely a low fixed fee, no application fee, and a free valuation plus cashback. Upfront costs are often a major concern for residential borrowers looking to remortgage, particularly those that don’t qualify for the mainstream, and we believe these products, especially with a significant rate cut, will mean they appeal to a much broader client demographic.
“At Foundation we’ll continue to look at the ways and means by which we can support advisers with specialist clients, whether in the buy-to-let, residential or via our more specialist buy-to-let lending proposition, ‘Solutions by Foundation’.”