It also reintroduces two-year fixed rate products
Specialist lender Foundation Home Loans has reduced rates across its buy-to-let core product range by up to 0.90% and reintroduced two-year fixed rate products across its F1, F2 and standard house in multiple occupation (HMO) range.
On the lender’s core product range, rates now start from 6.59% with the new two-year fixed rate products starting from 7.24% with a 1% product fee. The new range also includes a reduction of 60 basis points (bps) to Foundation’s ERC3 product, a five-year fixed rate with only three years of early repayment charges (ERCs), now priced at 6.74%.
Foundation has also updated its F2 product range with an 80% LTV five-year fixed rate option with a headline rate of 7.09% and a 1.5% fee, plus reductions of up to 50bps across its remortgage-only products that come with a £1,295 fee, free valuation, and a £500 cashback.
“This early Autumn period is traditionally a busy one for advisers supporting landlord borrowers with their finance needs, and we are therefore pleased to be able to announce a wide range of cuts across our core buy-to-let product range,” Tom Jacob (pictured), director of product and marketing at Foundation Home Loans, stated in the specialist lender’s product update.
“Ours is a full buy-to-let product refresh designed to give advisers a wealth of options for the wide variety of landlord borrowers that are seeking finance at this time, including those with more specialist circumstances such as HMO, expat, or short term lets.”
Jacob added that there continued to be a growing demand from tenants for private rental sector property, highlighting the importance for landlords to access the finance they needed to both stay invested and to be able to take advantage of the opportunities that exist to add to their portfolios.
“As a specialist in this sector, we are here to support advisers and their landlord borrowers, and we would urge intermediaries to review this new refresh and to contact us to see how we can support their buy-to-let advice propositions,” he said.
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