Foundation Home Loans has today (12th September) reduced rates across its BTL core product range by up to 90bps and reintroduced two-year fixed-rate products across its F1, F2 and standard HMO range.
Rates across the core product range 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 60bps to Foundation’s ERC3 product — a five-year fixed rate with only three years of ERCs — now priced at 6.74%.
The specialist lender has also bolstered 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 £500 cashback.
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, commented: “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 BTL product range.
“Our product refresh is 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.
“There continues to be a growing demand from tenants for private rental sector property and it is important landlords can access the finance they need in order to stay invested, and to be able to take advantage of the opportunities that exist to add to portfolios.”
