Residential by Foundation has reduced a number of rates across its mortgage product range by up to 0.30%.
The lender made 0.30% cuts to its F1 – for those borrowers who just miss out on the mainstream due to historical credit blips – 2-year and 5-year fixed-rate products for key workers.
Rates now start at 6.09% with a £595 fee, one free standard valuation and no application fee.
It also cut pricing across a number of its other fixed-rate residential products including Green ABC+ products – for owner-occupiers purchasing or remortgaging energy-efficient properties with an EPC rating of C or above – by 0.10%, with rates starting at 6.34% to 85% loan-to-value (LTV) with a £595 fee and one free standard valuation.
The lender also cut rates on both its F1 and F2 – for borrowers who have recent credit blips – Joint Borrower Sole Proprietor (JBSP) products, with both 2-year and 5-year fixed rate products reduced by 0.10%, with pricing now starting from 6.24% with a £795 fee.
These products allow for up to four borrowers to be named on the mortgage, up to two of whom are named on the property deed.
Finally, Residential by Foundation has also launched a new 2-year, fixed-rate product for Professional borrowers, with options at both 75% and 85% LTV.
Available within its F1 tier, Foundation’s Professionals mortgages offer a higher income multiple to a range of qualified professionals.
The new 2-year Professional products are offered at 6.44% for 75% LTV and 6.74% for 85% LTV, both with a £995 fee.
Foundation also cut the rate on its 5-year fix for Professionals by up to 0.25%, with the 75% LTV product now available at 6.14%.
Tom Jacob (pictured), director of product and marketing at Foundation Home Loans, said: “We’re acutely aware of the growing number of residential borrowers who are either just beyond the mainstream, or have unique circumstances and needs that can’t simply be met by ‘vanilla’ mortgage products.
“This is why we’re very pleased to be announcing a significant array of price cuts to a wide range of ‘Residential by Foundation’ products across all our borrower tiers.
“We have focused on expanding our range of specialist residential products, including these new products for Professional borrowers, plus we have specific products for Key Workers, Joint Borrower Sole Proprietor, those buying or remortgaging energy-efficient homes, and a whole host of owner-occupiers who either want to get a first foot on the ladder or want to move up it.”
He added: “The second half of 2024 has now begun and we have a very positive outlook for the UK mortgage market for the rest of the year; those advisers seeking mortgage solutions for specialist residential borrowers should contact us to see how we can help meet their needs and circumstances.”
