For homeowners, rates have been cut by up to 0.4 per cent across two and five-year fixed mortgages for F1 and F2 borrowers. F1 borrowers are those whose credit rating falls just outside of mainstream criteria, while F2 borrowers have recent credit blips.
The lender has reduced buy-to-let rates by up to 0.3 per cent for F1 borrowers with an almost clean credit history and F2 borrowers with specialist requirements or historical credit blips.
Its two-year fixed buy-to-let product at 65 per cent loan to value (LTV) in the F1 range has been reduced by 0.25 per cent to 5.74 per cent, and the equivalent option in the F2 range has been lowered by the same amount to 5.84 per cent.
Its five-year fixed buy-to-let rates have been cut by 0.15 per cent and are priced at 5.69 per cent at 65 per cent LTV and 5.74 per cent at 75 per cent LTV for the special portfolio F1 product. This has a five per cent fee, no application fee and offers a free valuation.
Foundation Home Loans has also added a seven-year fixed rate for buy-to-let. This has a rate of 6.99 per cent, is available at 75 per cent LTV and has a one per cent fee.
Tom Jacob, director of product and marketing at Foundation Home Loans, said: “Both our specials and limited edition products play a significant role within our overall owner-occupied and buy-to-let product ranges, and we’re very pleased to be able to cut rates across a large number of these products today.
“Offering product choice and options is clearly crucial in today’s mortgage market, and these products come with a number of incentives, from lower rate/higher fee options and no application fees and free valuations for some buy-to-let products, to lower fixed fees, free valuations and no application fee for owner-occupied specials.”
Vida cuts five-year fixed BTL rates
Vida has reduced rates across its five-year fixed buy-to-let products by as much as 0.4 per cent.
This applies to its mortgages at 75 per cent LTV.
For standard property types, initial rates now start at 5.39 per cent with a four per cent fee or 5.79 per cent with a two per cent fee.
For houses in multiple occupation (HMO) and multi-unit block (MUB) properties, rates start at 5.54 per cent with a four per cent fee or 5.94 per cent with a two per cent fee.
The lender has also reduced five-year fixed limited edition product rates by up to 0.2 per cent.
The standard limited edition rate on Vida 36 at 75 per cent LTV is now 4.99 per cent. For HMO/MUB the initial rate is 5.14 per cent.
