Foundation Home Loans, the intermediary-only specialist lender, has made rate reductions of up to 0.70% across its core owner-occupied range and up to 0.35% across its core buy-to-let range.
The owner-occupied products refresh includes reductions of up to 0.70% across Foundation’s F1 and F2 variable rate products, now starting at 5.99%; and reductions to F1 Green – for those borrowers with a property EPC of level C and above – with 2- and 5-year fixed rates starting at 6.24% with a flat fee of £995 and one free valuation.
Foundation has also made rate cuts to its 2- and 5-year Professionals mortgages – for eligible borrowers working in a number of professions eligible to borrow up to six times income from Foundation – with rates starting at 6.34%, a flat fee of £1,495 and one free valuation.
It has also reduced products in its F3 and F4 credit tiers, with rates now starting from 6.99% with a flat £995 fee.
In its core buy-to-let range, Foundation has introduced a number of rate reductions across both its F1 and F2 products, including a new F1 65% loan-to-value (LTV) 5-year fixed-rate with a rate of 5.74% and a flat fee of £3,995, for large loans (£200k – £2m).
It has also cut rates on its Green buy-to-let 5-year fixes, which come with a 1.25% fee, a free valuation, and no application fee, and rates starting at 5.89%.
The lender’s F2 5-year fixed-rate for standard HMOs is now at 6.19% with a fixed fee of £1,995, and its short-term let products have been reduced by up to 0.35%, with rates starting at 6.29%.
The product changes follow rate reductions to a number of Foundation buy-to-let and owner-occupier specials at the end of April.
George Gee, managing director (commercial) at Foundation Home Loans, said: “We are very pleased to be announcing further rate cuts across both our core owner-occupied and buy-to-let product ranges today, which are available to borrowers right across our tiers, from F1 through to F4.
“In particular we would like to highlight those fee-assisted products which come with flat fees, and also benefit in some cases from no application fee and free valuations.
“We know that meeting affordability remains a significant challenge for advisers and their clients, and our focus on rate cuts and fixed fees is designed to help in this regard.”
He added: “There is a growing specialist borrower demographic, in both the owner-occupier and buy-to-let space, and we remain committed to lending in these sectors and to ensuring advisers have access to a wide range of product choice including options for those with complex incomes, but also in terms of Green mortgage availability, products for Professionals, and a range of others.
“Our current service levels are extremely fast and we’re here to support advisers as they seek to find the right solutions for their clients.”
