In its F1 tier which is open to borrowers with an almost clean credit history, the lender has added a limited edition product fixed for two years. This is available up to 70 per cent loan to value (LTV) with a 3.5 per cent fee and has a rate of 5.94 per cent.
Within the same range, the lender has reduced two-year fixed rates by up to 0.35 per cent. Pricing now starts at 6.94 per cent for its product at 65 per cent LTV with a 1.5 per cent fee.
Across Foundation’s F2 tier which is for borrowers financing against a specialist property or those with historical blips on their credit rating, rates have been cut by up to 0.35 per cent to start from 7.09 per cent.
For a standard houses in multiple occupation (HMO) product, the two-year fixed rate up to 65 per cent LTV has a rate of 7.19 per cent after a 0.25 per cent reduction. The option at 75 per cent LTV has been cut by 0.2 per cent to 7.29 per cent. Both products have a 1.5 per cent fee.
Foundation has cut rates on short-term let products including its 65 per cent LTV two-year fix which is now 7.34 per cent, down from 7.49 per cent. The 75 per cent LTV option is now 0.1 per cent lower at 7.44 per cent. Both have a 1.5 per cent fee.
Foundation Home Loans, the intermediary-only specialist lender, has today refreshed a number of two-year fixed rates within its Core buy-to-let product range.
In its F1 tier – for borrowers with an almost clean credit history – Foundation is also launching a new Limited Edition, two-year fixed-rate buy-to-let product, available up to 70 per cent LTV, priced at 5.94 per cent with a 3.5 per cent fee.
Tom Jacob, director of product and marketing at Foundation Home Loans, said: “We continue to take the opportunity to review and refresh our core buy-to-let product range and this week we are able to make some significant price cuts in both the F1 and F2 ranges, plus for both standard HMOs and short-term let products.
“This is an important time of the year for many landlord borrowers, particularly those who are looking for refinance options in the current market. These new and refreshed buy-to-let products provide a further range of rate options.”
He added: “Foundation is fully committed to the buy-to-let product space and we would urge advisers to contact our sales team to see how we can support their business in this important area.”
Accord reduces buy-to-let rates
Accord Mortgages has reduced rates on its buy-to-let products by up to 0.46 per cent.
Its two-year fixed mortgages have seen the largest reduction while three-year fixes have been cut by up to 0.16 per cent and five-year fixes have been lowered by up to 0.35 per cent.
For example, there is a two-year fixed purchase product at 60 per cent LTV with a rate of 5.64 per cent, while at 75 per cent LTV the rate is 5.84 per cent.
Also for purchase, a five-year fix at 60 per cent LTV has a rate of 5.24 per cent and the corresponding product at 75 per cent LTV has a rate of 5.44 per cent.
All products have a £1,995 fee, offer a free standard valuation and £500 cashback.
Aidan Smith, buy-to-let mortgage product manager at Accord, said: “We’re delighted to be able to once again seize a market opportunity to reduce rates across our buy-to-let product range and so support landlords managing amidst the ongoing cost squeeze.
“As a leading buy-to-let lender, we remain committed to doing everything we possibly can to support this segment in providing both a vital service to private tenants, and an important prop for the housing market at large.”
