According to the lender, the new products are available with immediate effect and include cuts of up to 45 basis points for portfolio landlords, limited company clients and landlords purchasing or refinancing specialist properties including HMOs and MUBs. There are also significant rate cuts in Foundation’s range for those borrowers with recent blips on their credit record.
The new rates will include:
• Two-year fixed rate at 75% LTV now available from 2.69%, cut from 3.05%, for individual borrowers and limited company applicants.
• Two-year fixed rate at 75% LTV for HMOs, now available from 2.89%, cut from 3.34% for individual borrowers and limited company applicants.
• A cut to its large HMO/multi-unit block two-year fix products at 75% LTV, for properties with more than eight bedrooms or 10 units. These have a new rate of 2.99%.
Jeff Knight, Director of Marketing at Foundation Home Loans, said: “To be able to announce price cuts of up to 45 basis points is a significant move. It gives greater choice for landlords, especially HMO clients as the ICR is highly competitive in this market at only 145% at 5.5%. We’ve seen a growing appetite for two-year products in recent months from landlord borrowers looking for rate security alongside some freedom to be flexible after 2022.”
