Specialist lender reduces rates by up to 10bps
Specialist lender Foundation Home Loans has further reduced its special rates across both its buy-to-let and owner-occupied ranges.
On its buy-to-let range, the lender has slashed special rates by 10 basis points (bps) on its F1 – for clients with an almost clean credit history – portfolio-only landlord five-year fixed rate products, with rates now starting from 5.59%, with a 5% product fee, no application fee, and a free valuation.
The intermediary-only lender has also made a 10bps rate reduction on both its F1 two- and five-year fixes, with rates starting from 5.69%, with a 3% product fee. Within its F2 range – for clients financing a more specialist product type and/or those with some historical blips on their credit rating – and for HMO two- and five-year fixed-rate products, it has also reduced rates by 10bps with prices starting from 5.74%, also with a 3% fee.
On its owner-occupied product range, Foundation – recently announced one of the UK’s 5-Star Lenders for 2023 – has reduced rates in both its F1 and F2 ranges, with both two- and five-year fee-assisted fixed-rate products having rate reduced by up to 10 bps. As a result, F1 rates now start at 6.84% and F2 at 6.94%. All products come with a £795 fixed product fee, no application fee, and a free valuation.
“These price cuts to both our buy-to-let and owner-occupied F1 and F2 Specials products cover a wide range of two- and five-year fixes, for a large borrower demographic who just miss out on the mainstream, are looking to buy specialist property, or require flexibility in terms of income assessment,” said Tom Jacob (pictured), director of product and marketing at Foundation Home Loans.
“Across both buy-to-let and owner-occupied products, we are seeking to provide lower rates and access to mortgage finance for these specialist clients, and we remain focused on delivering quality rates and service in these key areas to our intermediary partners.”
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