Foundation adds buy-to-let and residential remortgage deals

For landlord borrowers, advisers will be able to access a set of fee-assisted two-year and five-year fixed rate remortgage products, available at 65 per cent and 75 per cent loan to value (LTV).

Two-year fixed rates start at 3.34 per cent and five-year fixed rates at 3.54 per cent.

The deals are available to individuals and limited companies, including portfolio and non-portfolio landlords.

There is also one free standard valuation per case, no application fee, and £250 cashback on completion.

At the same time, Foundation is launching a new early remortgage product for standard houses in multiple occupation (HMOs) of up to six occupants, which allows the borrower to remortgage within six months of the initial purchase.

It is a five-year fixed-rate product of 3.99 per cent at 75 per cent LTV, with a product fee of two per cent.

Residential remortgages

The lender is also introducing a fee-assisted range of residential remortgage products for owner-occupiers.

These two-year and five-year fixed rates are available at 65 per cent, 75 per cent and 80 per cent LTV. Rates start at 3.49 per cent for two-year fixed rates and 3.99 per cent for five-year.

This range also comes with the same incentives as the buy-to-let fee-assisted products, with one free standard valuation per case, no application fee and £250 cashback on completion.

George Gee, commercial director at Foundation Home Loans (pictured), said: “Recent mortgage data suggests there is likely to be significant number of product maturities in December – valued at £33.18bn – while 2021 could see the total maturity figure hitting £250bn.

“This is a large amount of potential remortgage business, as we anticipate purchase activity beginning to tail-off the closer we get to next March’s stamp duty deadline.”

He added: “Our anticipation is that demand for remortgages will continue to grow and, with 2020 providing an added layer of complexity for many existing borrowers, we wanted to provide a competitive remortgage product range alongside our criteria, which takes into account what might have happened to a borrower’s individual finances.

“As always, our priority is to support advisers, we are working very closely with advisers to progress existing client cases as quickly as possible, and looking forward we believe these new remortgage products will appeal to both landlord and residential clients alike.”