Foundation Home Loans, the intermediary-only specialist lender, has today announced rate reductions of up to 0.85% on its core owner-occupier product range and 0.60% on its core buy-to-let product range.
In the owner-occupier range, Foundation has cut rates by up to 0.85% across its F1 tier – for clients just missing out on the mainstream – and by up to 0.65% across its F2, F3 and F4 tiers. Rates now start from 6.94% up to 65% LTV.
The lender has also extended its owner occupier 85% LTV tier to include F1 Green and F1 Professionals products and a new 80% LTV tier has been added to its F2 product range. Fees have also been reduced on the F1 Green and F1 Professionals products to £795 and £995 respectively.
In the buy-to-let range, two-year fixed rate products have been reintroduced for Large HMOs and Short Term Lets, both with a 1% fee. The two-year fixed rate Large HMO product has a rate of 7.84% and the two-year fixed rate Short Term Let product has a rate of 7.94%, both are available up to 75% LTV.
Foundation has also introduced price reductions across its entire core BTL product range by up to 0.60%. Fixed rates now start from 6.84% up to 65% LTV with discounted rates starting from 7.09% up to 75% LTV.
Foundation’s current service levels continue to average turnaround times of one day for DIP referral, application and underwriter review for all cases.
Tom Jacob, Director of Product and Marketing at Foundation Home Loans, said: “As a lender, we’re always looking to be on the front foot when it comes to supporting borrowers and our intermediary partners, and this repricing across our core owner-occupier and BTL product ranges represents a highly positive move in what has been a testing time for a variety of borrowers. We hope the additional products introduced to our owner occupier range will give our intermediary partners and their clients more options when looking for a specialist solution.”
