Foundation Home Loans (FHL), the intermediary-only specialist lender, has launched a new range of buy-to-let mortgages.
The lender has reduced its F1 75% 2-year discount rate by 0.25%, with rates of 4.19% for 75% loan-to-value (LTV) and 4.74% for 80% LTV available in order to provide a competitive 2-year option for buy-to-let borrowers.
It also introduced new discount rates at 75% LTV for standard applicants, those seeking to purchase/refinance standard HMOs, and for short-term lets.
George Gee, managing director (commercial) at FHL, said: “Our decision to replace our buy-to-let mortgage product range was not taken lightly, but in the context of what is happening within the markets right now, and in order to respond to that and to the changes made by our lender peer group, we needed to act.
“As you will have seen there is considerable pressure on lenders’ ability to provide shorter-term fixes right now and we have reluctantly made the decision not to replace these in the new range. However, we have cut our discount product pricing which should provide a competitive option for those seeking two-year buy-to-let mortgages.”
FHL has also reintroduced its F1 5-year fix ‘Early’ remortgage product that allows landlord borrowers to remortgage within six months of the initial purchase.
The entire buy-to-let product range has been replaced except for the withdrawn two-year fixed-rate mortgages.
The lender had provided advisers with 48 hours’ notice for the withdrawal of all its previous buy-to-let range to give as much time as possible to secure the previous product pricing for clients.
Gee added: “We hope that by providing as much notice as possible to advisers, they will be able to convert their DIPs into FMAs and secure the previous product pricing before we replaced the whole range this morning.
“Our service remains at very high levels which will allow us to work quickly on behalf of advisers over the next few days, and we want advisers to know we are here and ready to help them in order to get the best outcomes for their landlord clients.”
