In the buy-to-let space Foundation has changed all its products and cut many rates, with reductions of up to 0.20 per cent for houses in multiple occupation (HMOs).
This overhaul includes a range of two and five-year fixed rate remortgage specials at 65 per cent and 75 per cent loan to value (LTV) with a one per cent fee.
The deals start at 3.34 per cent and offer one free standard valuation per case, £250 cashback on completion and no application fee.
Foundation said due to the reduced upfront costs of these products, it believes they will appeal to landlord borrowers seeking to remortgage multiple properties.
Residential first-time buyers
Foundation has also made a number of pricing reductions across its full residential range with cuts from 0.10 per cent to 0.20 per cent.
The lender has also added new first-time buyer products at 75 per cent LTV to complement its 80 per cent LTV options.
First-time buyers with near-mainstream credit can now access rates at 3.49 per cent on a two-year fix and 3.89 per cent on a five-year fix, while first-time buyers with recent credit blips can access rates at 3.79 per cent and 4.19 per cent respectively.
A rolling end-date has been added for all new business products across buy-to-let and residential, meaning upon completion borrowers will benefit from the initial offer rate for the full two or five-year period following completion, rather than at a fixed end date.
Foundation Home Loans commercial director George Gee said: “It’s always our aim to support mortgage advisers with highly competitive rates whether it’s for their landlord or residential clients.
“For landlords our focus is on reducing upfront costs so we have both fee-assisted and flat-fee products with highly competitive rates.
“We’re acutely aware that landlords are looking at ways to refinance their portfolios in order to purchase more, plus there is a greater likelihood of residential borrowers having more complex income needs and circumstances, particularly after their experience throughout 2020.”