Foundation reduces rates and launches flat-fee products

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  • 23/07/2020
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Foundation reduces rates and launches flat-fee products
Foundation Home Loans has cut rates on two products by up to 0.2 per cent and introduced a product with a flat arrangement fee.

 

The specialist lender said it was responding to an increase in demand for shorter-term buy-to-let mortgage products. 

Effective from today, the F1 two-year fixed at 75 per cent loan to value (LTV) has been reduced from 3.39 per cent to 3.24 per cent. This has a two per cent fee and is available to F1 borrowers – those categorised as having an almost clean credit history. 

Another two-year fixed at 75 per cent LTV has been cut from 3.69 per cent to 3.49 per cent. This also has a two per cent fee and is available to F2 clients who are financing specialist property types. 

The newly launched products include a two-year fixed available up to 65 per cent LTV with a rate of 3.44 per cent. This has a flat arrangement fee of £1,995. 

There is also a two-year fixed up to 75 per cent LTV with a rate of 3.64 per cent and a flat fee of £1,995. Both products are open to F1 borrowers. 

Earlier this month, Foundation returned its buy-to-let product range to the pre-lockdown structure with the reintroduction of large loan, early remortgage and short-term let products.  

Jeff Knight, director of marketing at Foundation Home Loans, said: “We are seeing a strong demand for our two-year products across the range and are always looking to enhance our competitive position where appropriate. These products are available to both limited companies and individuals.  

At present, we are able to provide excellent levels of service, we have all our sales team working effectively from home and this has translated into a record number of new case enquiries in recent weeks.  

We would therefore urge advisers with landlord clients to speak to Foundation to see how our growing range of products might be suitable for them, he added. 

 

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