"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"
Foundation Home Loans has refreshed its core buy-to-let and residential product ranges, introducing a range of new products across both.
The buy-to-let refresh covers all core products, as well as expat, large HMO, short-term let and green product options.
In the core buy-to-let range, Foundation has introduced new F1 – for clients with an almost clean credit history – two and five-year fixed 75% LTV products, with rates starting at 6.24%, and a fixed product fee of £1,995. It has also launched a new F1 large loan five-year fix 65% LTV product, available at 5.84% with a fixed product fee of £3,995. The minimum loan size for a large loan is £200,000 and maximum £2 million.
Other new products include the reintroduction of an F3 product range – for portfolio and non-portfolio landlords with more recent credit blips – offering two and five-year fixed rate options, plus a two-year discount product available at 75% LTV, with a rate of 6.84% and no early redemption fees.
Foundation has also relaunched its expat buy-to-let range with options for F1, F2, HMO, large HMO and short-term lets, plus it has retained its green product option – for properties with an Energy Performance Certificate rating of C and above. Rates start at 6.29% for 75% LTV with a 1.25% fee.
In its core residential range, Foundation has introduced new products in all tiers – F1 to F4. New products available include F1 – for borrowers who just fall outside mainstream criteria - fee-assisted two and five-year fixes at 75% LTV with rates starting at 6.74%, and a reduced fee of £795 with one free standard valuation and no application fee.
There are also new F2 – for borrowers with recent credit blips – discount rates, available at both 65% and 75% LTV with no early repayment charges, starting at 6.89%; F3 – for clients who have experienced credit problems potentially in the last 12 months – two and five-year fixed-rate options at 65% and 75% LTV, starting at 7.14%; and F4 – for clients with no significant adverse during the last six months – two and five-year fixed-rates at both 65% and 75% LTV, starting at 7.39%.
Finally, Foundation has introduced new two and five-year fixed-rate options within its professionals range, which offers a higher income multiple to those borrowers working with a range of eligible professions, with two and five-year fixed-rate options starting at 6.49%.
George Gee, commercial managing director at Foundation Home Loans, said: “Today we announce a significant refresh of our entire buy-to-let core product range, with both rate reductions and new products with flat fee options across all our borrower tiers, and the reintroduction of our F3 range and mortgages for expat buy-to-let borrowers.
“At the same time, we are introducing a range of new fixed and discounted products for owner-occupier borrowers, across our entire F1-F4 tiers, including fee-assisted options, new products within our professional range, plus green mortgage options.
“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, be that complex incomes or multiple sources of income or low credit scores in the owner-occupied space, or limited company borrowing, specialist property purchase and remortgaging, or expats looking to add to their buy-to-let portfolios.
“Our aim here is to provide a wide range of product options to advisers active in specialist mortgages, and to offer a range of different rates, fee options, LTV levels, that should provide the solutions these borrowers want and need.
“We are here to support advisers with their specialist clients – both in the buy-to-let and owner-occupied sectors – and given we have extremely strong service levels at present, now is the time to review our range and to see how they might fit with clients, taking advantage of all our ability to work quickly on your behalf.”
