The Buy to Let brand of specialist lender Foundation Home Loans has made a series of cuts up to 0.5% on its core range, with product rates now starting from 5.29%.
Rate cuts have been made across product options for the lender’s three core buy-to-let (BTL) tiers, F1 – for clients with an almost clean credit history, F2 – for clients financing a more specialist property type or those with some historical blips on their credit rating, and F3 – for clients with more recent blips on their credit rating.
F1 and F2 2-year and 5-year fixed-rates have been reduced by up to 0.35%, now available from 5.29% with a 1.5% fee, up to 80% loan-to-value (LTV).
F2 Holiday Lets 2-year and 5-year fixed-rates are now available up to 75% LTV, from 6.19% with 2% fee.
The F2 house in multiple occupation (HMO) limited edition 5-year fixed-rate is now available at 5.74% with a reduced £2,995 fee (previously £4,995) up to 75% LTV.
The F1 ERC3 5-year fixed rate, which comes with early repayment charges (ERCs) for the first three years, has been reduced by 0.20%, now 5.79% with a 1% fee, available up to 75% LTV.
F1 and F2 Green Fee-Assisted 5-year fixed rates have been reduced by up to 0.20%, now available from 5.44% with a 1.25% fee, up to 75% LTV.
Buy to Let by Foundation also made rate cuts to a range of other products, including fee-assisted remortgage only, Energy Performance Certificate (EPC) Saver – which comes with one free EPC plus £1,000 cashback – HMO Fee Assisted, and Short-Term Lets including Fee-Assisted options.
Tom Jacob (pictured), director of product and marketing at Foundation Home Loans, said: “These rate cuts to our core buy-to-let product offering cover all our borrower tiers and vast array of the many product options we offer, including Limited Edition mortgages, and sector-specific ones such as HMOs, Holiday Lets, and Short-Term Lets.
“It’s important advisers have access to the widest possible range of product solutions for their clients as each individual property/borrower need is different, and increasingly borrowers are seeking out specific property types which have a greater opportunity to make a higher yield.
“These rate cuts are significant, up to 50 basis points in some cases, and we have also made fee reductions, notably on our HMO Limited Edition five-year fix which has been cut by £2,000.
“Overall, we believe this is a highly-competitive buy-to-let product range with a wide variety of options available to all kinds of landlord borrowers, and we are keen to work with advisers and their clients in order to find the right solutions, and to explore how we can support their advice propositions in this highly important sector.”
