Foundation Home Loans cuts rates, adds 7-year BTL product

Home Loans

The specialist lender has made cuts of up to 40 bps on two- and five-year fixed rate products in its owner-occupier range

Foundation Home Loans has cut rates on its owner-occupied and BTL product ranges and introduced a new seven-year fixed-rate BTL product.

The specialist lender has made cuts of up to 40 bps on two- and five-year fixed rate products in its owner-occupier range. The cuts apply to its F1 tier, for borrowers who do not qualify for the mainstream deals, and F2 tier for borrowers with recent credit blips.

For BTL, rate cuts of up to 30 bps have been made across Foundation’s Specials range within its F1 – for landlord borrowers with an almost clean credit history – and F2 – for clients financing a more specialist product type and/or those with some historical blips on their credit rating.

Select BTL two-year fixed-rate Special products have been reduced by 25 bps including a 5.74 per cent product for 65 per cent loan-to-value in the F1 range, and 5.84 per cent at 65 per cent loan-to-value in the F2 range.

Five-year BTL fixed-rates have been reduced by 15 bps, and are now at 5.69 per cent (65 per cent loan-to-value) and 5.74 per cent (75 per cent loan-to-value) for Foundation’s Special Portfolio Landlord F1 product, which comes with a 5 per cent fee, no application fee and a free valuation.

Foundation has also launched a new seven-year fixed-rate BTL product, available at 6.99 per cent for 75 per cent loan-to-value, and a new 1 per cent fee.

Foundation director of product and marketing Tom Jacob says: Both our Specials and Limited Edition products play an important role within our overall owner-occupied and BTL product ranges, and we are very pleased to be able to cut rates across a large number of these products today.

Our owner-occupied products are benefiting from rate reductions of up to 40 bps, while within BTL we have cuts of up to 30 bps, which we believe will support advisers working with these types of clients, and will certainly help in terms of meeting affordability criteria.

Offering product choice and options is clearly crucial in today’s mortgage market, and these products come with a number of incentives, from lower rate/higher fee options and no application fees and free valuations for some BTL products, to lower fixed fees, free valuations and no application fee for owner-occupied specials.

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