Foundation Home Loans updates residential deals to attract first-time buyers

In its F1 range it has cut the rate on its five-year fixed deal at 90 per cent LTV with no product fee by 0.2 per cent to 4.19 per cent.

The rate for its five-year deal at 65 per cent LTV, with a £995 fee, has been cut by 0.15 per cent to 3.24 per cent.

In its F1 range the two-year discount product with no early repayment charges is now available for 85 per cent LTV borrowers, with a rate of 3.89 per cent.

The lender has also cut its Green Reward Remortgage products in its F1 range by up to 50 basis points, with the rate for its two-year fix at 75 per cent LTV now standing at 3.19 per cent.

The products have a £750 cashback inventive and reduced product fees for properties with an Energy Performance Certificate of C or above.

Fixed and variable rates in its F2 range have been cut with its five-year fixed at 80 per cent LTV has been cut from 4.59 per cent to 3.89 per cent.

The lender has also released two and five-year fee-assisted fixes in its F2 range, which goes up to 85 per cent LTV and has a fee of £595 fee. They are available for purchase and remortgage borrowers and come with a free valuation and no application fee.

For its F3 range the lender has brought in a new two-year fix at 80 per cent LTV with a 4.29 per cent rate, and a five-year fix at 4.49 per cent.

Foundation Home Loans commercial director George Gee (pictured) said: “We anticipate there will be a growing number of potential first-time buyers coming to market looking for specialist residential products and this is a range which now fully caters for that borrower demographic.

“A major focus for Foundation this year is our specialist residential offering and we believe this refreshed range offers a considerable amount of competition for advisers and a wealth of product options for those borrowers who have a range of specialist needs such as multiple or complex income streams, are self-employed, or who have historical credit issues,” he added.