The product fees were lowered to 0.75 per cent, down from one per cent, on the F1 two-year fixed rate at 2.99 per cent, and the F2 homes in multiple occupancy (HMO) two-year fixed rate at 3.34 per cent. Both are up to 75 per cent loan to value (LTV).
The fee was cut to one per cent, down from 1.5 per cent, on the F1 five-year fixed at 3.24 per cent, also with LTV up to 75 per cent.
The new sums represent up to 1.25 per cent off Foundation’s standard fees on buy-to-let products.
The range of loan sizes on all three products is £200,000 to £1m.
George Gee, commercial director at Foundation Home Loans, (pictured) said: “Cutting fees provides and ultra-competitive offer to landlord borrowers for purchase or remortgage. We’re acutely aware that landlords want to keep costs as low as possible.”
First 4 Bridging and Castle Trust
First 4 Bridging and Castle Trust Bank have partnered on a buy-to-let product for first-time and portfolio landlords who are purchasing or remortgaging.
The product has a five-year term, with a two-year early repayment charge at 4.5 per cent.
The loan size range is £150,000 to £2m, and the maximum LTV is 75 per cent.
It covers holiday lets, HMOs, portfolio loans and refurbishments.
There is a two per cent arrangement fee.
Donna Wells, director at First 4 Bridging, said: “We are experiencing a huge uplift in activity across all areas of buy to let. Many landlords are looking for lenders with appetite for lending based on unconventional circumstances. As such, Castle Trust has become a great option, and we expect this to be a popular product.”
Rob Oliver, sales director at Castle Trust Bank, added: “This semi-exclusive product lets landlords refinance or sell after two years without penalty.”