Foundation Home Loans has refreshed its entire range of specialist buy-to-let and residential products.
Foundation has reduced buy-to-let rates and introduced new products, which include two and five-year ‘Remortgage specials’ that come with a 1% fee starting at 3.34% (65% LTV) and including one free standard valuation per case, £250 cashback on completion and no application fee.
The lender believes that, due to the reduced upfront costs of these products, the products will appeal to landlord borrowers seeking to remortgage multiple properties. All of the products in the buy-to-let range have been changed, with reductions of up to 0.20 percentage points on those for HMOs.
In its residential product range, Foundation has added new first-time buyer products at 75% LTV to complement its 80% LTV options. First time buyers with near-mainstream credit can now access rates at 3.49% (two-year fix) and 3.89% (five-year fix), while first-time buyers with recent credit blips can access rates at 3.79% (two-year fix) and 4.19% (five-year fix).
Foundation has made a number of pricing reductions across its full residential range from 0.10 to 0.20 percentage points and continues to offer its residential ‘Remortgage specials’ with a £595 fee, one free standard valuation per case, £250 cashback on completion and no application fee.
The lender has introduced a rolling end-date for all new business products across both buy-to-let and residential ranges, which means upon completion borrowers will benefit from the initial offer rate for the full two- or five-year period following completion, rather than at a fixed end date.
George Gee, commercial director at Foundation Home Loans, said: “It’s always our aim to support mortgage advisers with highly competitive rates whether it’s for their landlord or residential clients. The start of a new year gives us the opportunity to do just that, and following specific feedback, it also means we can introduce new products within both the buy-to-let and residential ranges that we believe will appeal.
“For landlords our focus is on reducing upfront costs so we have both fee-assisted and flat-fee products with highly competitive rates. We’re acutely aware that landlords are looking at ways to refinance their portfolios in order to purchase more, plus there is a greater likelihood of residential borrowers having more complex income needs and circumstances, particularly after their experience throughout 2020.
“For residential clients, we have improved our offer to first-timers even further, hence the introduction of our new 75% LTV two and five-year rates, alongside a number of price cuts on our other residential products.
“We want to expand the options available for these types of borrowers and believe our updated range offers a greater variety of choice for advisers active in these particular product spaces.”