According to the lender, in the owner-occupier range, Foundation has cut rates on its Fixed rate Specials by 90 basis points (bps) across both its F1 – for clients just missing out on the mainstream – and F2 – for clients with recent credit blips – tiers.
The new two- and five-year residential fixed rates start from 6.49% and 6.59% respectively, with products available up to 75% LTV. All owner-occupier products come with a fixed £1,495 fee and are available up to a maximum loan of £1m.
For buy-to-let, Foundation has introduced specific price reductions on its two- and five-year fixed-rate Specials for both 65% and 75% LTV. F1 products have been reduced by up to 85 bps, F2 by 80 bps, and F2 HMO by up to 90bps. Buy to Let Fixed rates now start at 5.89%.
These Buy to Let Specials are available for both individual and limited company borrowers across Foundation’s F1, F2 and ‘standard’ HMO product ranges. They come with a 2% product fee and are also available up to a maximum loan size of £1m.
Foundation also continues to offer Green products for landlord borrowers, covering five-year fixed-rate options for F1, F2 standard, standard HMO, Large HMO/multi-unit block, Short Term Let and a Green Expat option.
Foundation’s current service levels include turnaround times of one day for DIP referral, application and underwriter review for residential cases.
George Gee, Managing Director (Commercial) at Foundation Home Loans, said: “We are pleased to be able to make these reductions in both the Owner-Occupier and Buy to Let ranges. This is all about ensuring we have a quality product offering for advisers and their specialist clients, but also highlighting our very positive service levels at present, which should allow intermediaries to work quickly on behalf of borrowers and secure the mortgage finance they require.
“It has been a positive start to the year, and Foundation remains fully committed to helping advisers deliver the right solutions for their clients, and to making the process as simple, effective and fast as we possibly can. We are here to support the adviser community and would urge firms to utilise our excellent sales and BDM teams so we can help them deliver positive outcomes for all their specialist clients.”
