Foundation Home Loans has outlined a revamp of the more complex of its BTL products, with new fixed-rate options, lower rates and simplified fee structures.
In the lender’s Property Plus range, rates have been cut by 15bps on two- and five-year fixed rate options with these now starting from 6.59% at 75% LTV.
A new five-year fixed-rate product has also been added, priced from 6.49% with a 2.5% fee.
Rates on HMO Plus products, aimed at complex HMO properties with up to six occupants or beds, have been cut by 15bps.
These now start from 6.69% at 75% LTV.
A 15bps cut has also been enacted on Short Term Lets Plus products, for commercially adjacent properties being let on a short-term basis with affordability assessed using AST criteria.
With rate cuts on both two- and five-year fixed rate options, these now start from 6.74% at 75% LTV.
When lending to Mixed Use properties, Foundation has added two new fixed-rate products at 60% LTV, with rates starting from 6.84%.
The existing 70% LTV two-year fixed-rate has also been cut by 10bps to 7.29%.
The product fee has reduced by 5bps and is now set at 2.5% across all variants including expat applications.
Foundation has also made a series of rate cuts to several of its BTL “specials” at up to 25bps.
? five-year fixed-rate Special portfolio landlord (6% fee) – cut by 10bps to 4.69%
? two-year fixed-rate Special for limited company HMO (3% fee) – cut by 10bps to 4.54%
? five-year fixed-rate Special for limited company MUFBs (maximum of six units, 3% fee) – cut by 10bps to 5.39%
? five-year fixed-rate Special for short-term let limited company (4% fee) – cut by 25bps to 5.49%
“The need for flexible, fairly-priced options is only growing among professional landlords, whether they are managing more complex HMOs, letting on a short-term basis or financing a mixed-use property,” said Tom Jacob, director of product and marketing at Foundation Home Loans (pictured above).
“These latest changes underline our commitment to delivering a buy to let proposition that works for the modern landlord and supports brokers with practical, criteria-led solutions.”
