According to the lender, the changes to the range will take with immediate effect, including a number of new products, cuts to product fees and the extension of all product end dates.
Foundation revealed that the new range will include:
All two-year fixed-rate products have had their product fees halved to 1%, while Foundation has also reduced the fee on its buy-to-let five-year remortgage special – which comes with a free valuation, no application fee and £250 cashback – down to £2,495, a reduction of £500.
Cuts to the fee on its five-year fixed buy-to-let ‘ERC 3’ product down to 1%.
The launch of a brand new five-year fix, 80% LTV buy-to-let product within its F1 tier – for borrowers with a near-perfect credit record – priced at 4.24% with a flat product fee of £1,995.
The new range covers all Foundation’s individual and limited company products as well as its HMO range, it’s large loan HMO/multi-unit block range and its products for short-term let properties. There is also a number of products for portfolio landlord borrowers requiring ‘low loans’ with a minimum loan size of £30k, rather than £50k.
End dates for all products have also changed, with two-year deals going up to the end of July 2022, and five-year deals going up to the end of July 2025.
Jeff Knight, Director of Marketing at Foundation Home Loans, said: “We are very pleased to be launching a refreshed buy-to-let product range which we believe is a direct response to landlord demand, plus is both highly competitive on price and offers advisers and their landlord borrowers a number of criteria options, whatever the type of property they are seeking finance for.
"There has undoubtedly been a shift towards adding to portfolios in recent months, particularly by portfolio and professional landlords, and this new range recognises the specific needs of today’s landlord, whether they want to add lower-value properties or they want to access higher-yielding HMOs or multi-unit blocks. We believe this new range caters for all and we would urge advisers to contact Foundation to see how we can support their client’s needs in this area.”
