"We are very pleased to be announcing further rate cuts across both our core owner-occupied and buy-to-let product ranges today, which are available to borrowers right across our tiers, from F1 through to F4"
According to FHL, the owner-occupied products refresh includes reductions of up to 0.70% across Foundation’s F1 and F2 variable rate products, now starting at 5.99%; and reductions to F1 Green – for those borrowers with a property EPC of level C and above – with two- and five-year fixed rates starting at 6.24% with a flat fee of £995 and one free valuation.
The lender has also made rate cuts to its two- and five-year Professionals mortgages – for eligible borrowers working in a number of professions eligible to borrow up to six times their income from Foundation – with rates starting at 6.34%, a flat fee of £1,495 and one free valuation. It has also reduced products in its F3 and F4 credit tiers, with rates now starting from 6.99% with a flat £995 fee.
In its core buy-to-let range, Foundation has introduced a number of rate reductions across both its F1 and F2 products, including a new F1 65% LTV five-year fixed-rate with a rate of 5.74% and a flat fee of £3,995, for large loans (£200k - £2m).
Foundation has also cut rates on its Green buy-to-let five-year fixes, which come with a 1.25% fee, a free valuation, and no application fee, and rates starting at 5.89%. The lender’s F2 five-year fixed rate for standard HMOs is now at 6.19% with a fixed fee of £1,995, and its short-term let products have been reduced by up to 0.35%, with rates starting at 6.29%.
Foundation’s current service levels continue to average turnaround times of one day for DIP referral, application and underwriter review for all cases.
George Gee, Managing Director (Commercial) at Foundation Home Loans, said:
“We are very pleased to be announcing further rate cuts across both our core owner-occupied and buy-to-let product ranges today, which are available to borrowers right across our tiers, from F1 through to F4.
“In particular we would like to highlight those fee-assisted products which come with flat fees, and also benefit in some cases from no application fee and free valuations. We know that meeting affordability remains a significant challenge for advisers and their clients, and our focus on rate cuts and fixed fees is designed to help in this regard.
“There is a growing specialist borrower demographic, in both the owner-occupier and buy-to-let space, and we remain committed to lending in these sectors and to ensuring advisers have access to a wide range of product choices including options for those with complex incomes, but also in terms of Green mortgage availability, products for Professionals, and a range of others.
“Our current service levels are extremely fast and we’re here to support advisers as they seek to find the right solutions for their clients.”
