Rates for the products now start from 0.6 per cent.
“We know that cost is always a consideration for borrowers, so we are continually reviewing our offering to ensure that we can continue to deliver the most competitive rates alongside the most impressive service,” said Jonathan Rubins, director at Alternative Bridging.
The rate reduction comes after the lender added a light and heavy refurbishment range for residential and commercial property. It also introduced a 90 per cent loan to cost loan for medium sized residential development earlier this year and has partnered with Nivo to speed up applications.
“We’ve got nearly 30 years in property lending and we know what it takes to deliver the right solution for a client, with cases that are individually underwritten by a team of experts, and a short line of command so decisions can be made simply and swiftly,” Rubins added.
Foundation Home Loans adds no-fee product for portfolio landlords
Foundation Home Loans has brought out a pair of limited edition two-year fixed rate no-fee products to 75 per cent LTV for portfolio landlords.
One of the products will be part of the lender’s core buy-to-let (BTL) range. It offers rates starting from 3.24 per cent, with the maximum loan size £750,000.
The other product has a rate of 3.44 per cent and is for standard houses of multiple occupancy, defined by the lender as having up to six occupants.
Both products are available for purchase and remortgage to individuals and limited company borrowers.
The rental cover requirement is set at a notional rate of 5.5 per cent. The stress test is 125 per cent for limited companies and basic rate taxpayers, and 145 per cent for all others.
Foundation Home Loans’ commercial director George Gee, said: “We are experiencing sustained activity across the BTL marketplace. These limited edition products provide further options for those portfolio landlords who may prefer a shorter fixed term or are looking to finance a specialist property type.”
He added that upfront costs could be a real problem for landlords, especially for those wanting a competitive rate, and said that the no-fee products would provide greater flexibility.