News
Residential by Foundation and Aldermore reduce mortgage rates – round-up
Residential by Foundation, the residential mortgage arm of Foundation Home Loans, has reduced mortgage rates by up to 0.3%.
The main cuts have been made to its F1 range, for borrowers who fall just outside mainstream lender criteria due to historical credit blips.
These reductions have been applied to its two- and five-year fixes for key workers, within pricing starting at 6.09% for a deal with a £595 fee, one free standard valuation and no application fee.
Products for key workers offer higher income multiples.
Residential by Foundation has also lowered pricing across other fixed rate options including its green products by up to 0.1%. Rates on this range start at 6.34% up to 85% loan to value (LTV) with a £595 fee and a free standard valuation.
The lender has also reduced rates on joint borrower sole proprietor (JBSP) mortgages within its F1 and F2 tiers by 0.1% on two- and five-year fixes. Rates now start at 6.35% with a £795 fee. Residential by Foundation launched into the JBSP space in May.
Aldermore Insights with Jon Cooper: Edition 5 – Feeling enthusiastic about next year’s run-of-the-mill market
Sponsored by Aldermore
Residential by Foundation has also released a two-year fix for professional borrowers with options at 75% and 85% LTV. These are available within its F1 tier, have a £995 fee, and priced at 6.44% and 6.74% respectively.
Additionally, the lender has lowered the rate on its five-year fix for professionals by up to 0.25%, making the product at 75% LTV now available at a rate of 6.14%.
Tom Jacob, director of product and marketing at Foundation Home Loans, said: “We’re acutely aware of the growing number of residential borrowers who are either just beyond the mainstream, or have unique circumstances and needs that can’t simply be met by ‘vanilla’ mortgage products.
“This is why we’re very pleased to be announcing a significant array of price cuts to a wide range of Residential by Foundation products across all our borrower tiers. We have focused on expanding our range of specialist residential products, including these new products for professional borrowers, plus we have specific products for key workers, joint borrower sole proprietor, those buying or remortgaging energy-efficient homes, and a whole host of owner-occupiers who either want to get a first foot on the ladder or want to move up it.”
He added: “The second half of 2024 has now begun, and we have a very positive outlook for the UK mortgage market for the rest of the year; those advisers seeking mortgage solutions for specialist residential borrowers should contact us to see how we can help meet their needs and circumstances.”
Aldermore cuts buy-to-let rates and adds limited edition deal
Aldermore has reduced mortgage rates across its buy-to-let offering by up to 0.2% and launched a limited edition five-year fix.
The five-year fix is available up to 65% LTV, priced at 5.89% with no fee, 5.59% with a 1.5% fee or 4.89% with a 5% fee.
Jon Cooper, director of mortgages at Aldermore, said: “Being a landlord presents unique challenges and we don’t take the loyalty of our landlord customers for granted.
“We’re pleased to introduce our new limited edition product and offer a range of cheaper rates, backing more landlords to go for it in life and business.”