"Our latest raft of rate reductions should further encourage landlords to evaluate their options over the closing weeks of the year and let me reassure them – and our intermediary partners – that there are more positive actions in the pipeline as we look to enter 2024 with a bang"
- Tom Jacob - FHL
Foundation Home Loans has announced that it has lowered the rates on its F1 and F2 two-year fixed rate range by 0.20%. The F1 two-year fixed rate now comes with a headline rate of 6.54% at 65% LTV and 6.59% at 75% LTV. The F2 two-year fixed rate now comes with a headline rate of 6.69% at 65% LTV and 6.79% at 75% LTV. Both products have a 1.50% fee.
A reduction of 0.20% has also been implemented on its standard two-year HMO and short-term let fixed-rate products. Standard two-year HMO fixed rates now start from 6.79% and from 6.94% on a two-year fixed rate short-term let.
Foundation has also cut the rate on its F1 Limited Edition seven-year fix by 0.15%. This now comes with a headline rate of 6.54% up to 75% LTV and a 1% fee. In addition, the lender has also lowered the rate on its F1 Limited Edition two-year fixed rate product by 0.10%, this now comes with a headline rate of 6.49% up to 75% LTV and a £1,495 fixed fee.
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 Home Loans, said: “There’s no getting away from the fact that much of 2023 has proved to be a challenge for many landlords. However, it’s also fair to say that the back end of the year has shown there is light at the end of tunnel with positive swap rate movement and increased competition across the sector helping to alleviate some affordability concerns.
“Our latest raft of rate reductions should further encourage landlords to evaluate their options over the closing weeks of the year and let me reassure them – and our intermediary partners – that there are more positive actions in the pipeline as we look to enter 2024 with a bang.”
