Changes include £1,000 fee cuts
Intermediary-only specialist lender Foundation Home Loans has announced a range of enhancements to its fee-assisted buy-to-let product range.
The changes include fee cuts, the introduction of new 80% LTV products, and new limited edition specialist fee-assisted products.
Fees for its two-year and five-year fixed rates in the buy-to-let F1 fee-assisted product range at 75% LTV have been cut by £1,000 from £1,495 to £495. Rates available there are 3.29% for a two-year fix, and 3.39% for a five-year fix.
Foundation has also introduced new 80% LTV fee-assisted F1 products, also with a flat £495 fee, with a rate of 3.79% for a two-year fix and 3.99% for a five-year fix.
These new fee-assisted products – available for both purchase and remortgage – come with no application fee, and one free standard valuation.
The lender has also launched limited edition specialist property fee-assisted products for landlords purchasing or remortgaging an HMO (up to six occupants), or a short-term let property.
These are 75% LTV products with prices at 3.44% for a two-year fix, or 3.64% for a five-year fix for HMOs, and 3.79% for a two-year fix, or 4.14% for a five-year fix for short-term lets. These products also come with the reduced £495 product fee, no application fee, and one free standard valuation. These specialist property fee-assisted products are available up to a maximum loan size of £750k.
The changes to its fee-assisted range follow Foundation’s expansion of its green buy-to-let product range last week, and its expats specialist product range to provide specialist property types including short-term lets and standard HMOs (up to six occupants).
“Upfront costs play a significant role in landlord finance decisions and Foundation is acutely aware of the difference fee-assisted products can make in this regard. We are now in a position to cut our fees even further, by £1,000, and can also introduce a fee-assisted 80% LTV product range plus fee-assisted options for those looking to purchase or remortgage HMOs or short-term lets,” George Gee, commercial managing director at Foundation Home Loans, said.
“These specialist property types are becoming more popular so this should help a much wider range of landlords with those immediate costs, and with the added benefit of no application fee and a free standard valuation, this should make a significant difference to landlords’ upfront outlay, whether they are purchasing or remortgaging,” Gee said.