Foundation Home Loans has today (28th March) updated its core BTL and owner-occupied product ranges.
The BTL two- and five-year fixed-rate choices are available for clients with an almost clean credit history under its F1 tier.
The loans are offered at 75% LTV with rates starting at 6.24% and a product fee of £1,995.
The company has also launched a new large loan five-year fix at 65% LTV — available at 5.84% with a £3,995 fee — for deals between £200,000 and £2m.
Foundation has also reintroduced its F3 range for landlords with more recent credit blips, offering two- and five-year fixed-rate options, plus a two-year discount offering available at 75% LTV, with a rate of 6.84% and no early redemption fees.
Its expat BTL range has also been relaunched with options for F1, F2, HMO, large HMO and short-term lets.
In addition, it has kept its green product for properties with an EPC rating of C and above, with rates starting from 6.29% for 75% LTV with a 1.25% fee.
For its owner-occupied range, new products have been revealed across all tiers, including F1 fee-assisted two- and five-year fixes at 75% LTV, with rates starting at 6.74% and a reduced fee of £795, for borrowers who fall just outside mainstream criteria.
This includes one free standard valuation and no application fee.
In F2 for the same type of borrower, discount rates are now available at both 65% and 75% LTV with no early repayment charges, priced from 6.89%.
For clients who have potentially experienced credit problems in the past 12 months, there are F3 two- and five-year fixed-rate options at 65% and 75% LTV, with rates from 7.14%.
Clients with no significant adverse credit during the past six months have the F4 option of two- and five-year fixed-rates at 65% and 75% LTV, starting from 7.39%.
Within its professionals range, Foundation has also brought out new two- and five-year fixed rates which offer a higher income multiple to borrowers working in a variety of eligible professions, with pricing starting at 6.49%.
George Gee, managing director of commercial at Foundation (pictured above), said: “From the conversations we have with advisers, we know they are seeing an increasing number of borrower clients who come to them with specialist mortgage needs.
“[This can include] complex incomes, multiple sources of income, low credit scores in the owner-occupied space, limited company borrowing, specialist property purchase and remortgaging, or expats looking to add to their BTL portfolios.
“Our aim is to provide a wide range of product options with a range of different rates, fee options and LTV levels that should provide the solutions that these borrowers want and need.”
According to Foundation, the lender’s current service levels average turnaround times of one day for DIP referral, application and underwriter review.
