"It’s always our aim to support mortgage advisers with highly competitive rates whether it’s for their landlord or residential clients. The start of a new year gives us the opportunity to do just that"
In it buy-to-let range, Foundation has reduced rates and introduced new products, which include two and five-year ‘remortgage specials’ starting from 3.34% at 65% LTV with a 1% fee, free standard valuation, £250 cashback and no application fee.
Foundation said the remortgage specials will appeal to landlord borrowers seeking to remortgage multiple properties. All products in the buy-to-let range have been changed, with reductions of up to 0.20% on those for HMOs.
In its residential range, Foundation has added new first-time buyer products at 75% LTV to complement its 80% LTV options. First-time buyers with near-mainstream credit can now access two-year rates from 3.49% and five-year rates from 3.89%. First-time buyers with recent credit blips can access rates at 3.79% and 4.19% respectively.
Foundation has made pricing reductions across its full residential range from 0.10% to 0.20% and continues to offer its residential remortgage specials with a £595 fee, free standard valuation, £250 cashback and no application fee.
Foundation has introduced a rolling end-date for all new business products across both buy-to-let and residential ranges, which means upon completion borrowers will benefit from the initial offer rate for the full two or five-year period following completion, rather than at a fixed end date.
George Gee, commercial director at Foundation Home Loans, said: “It’s always our aim to support mortgage advisers with highly competitive rates whether it’s for their landlord or residential clients. The start of a new year gives us the opportunity to do just that, and following specific feedback, it also means we can introduce new products within both the buy-to-let and residential ranges that we believe will appeal.
“For landlords our focus is on reducing upfront costs so we have both fee-assisted and flat-fee products with highly competitive rates. We’re acutely aware that landlords are looking at ways to refinance their portfolios in order to purchase more, plus there is a greater likelihood of residential borrowers having more complex income needs and circumstances, particularly after their experience throughout 2020.
“For residential clients, we have improved our offer to first-timers even further, hence the introduction of our new 75% LTV two- and five-year rates, alongside a number of price cuts on our other residential products.
“We want to expand the options available for these types of borrowers and believe our updated range offers a greater variety of choice for advisers active in these particular product spaces.”
