Fees-assisted BTL range relaunched by Foundation

The deals come with a flat £495 fee, and a rate of 3.79 per cent for a two-year fix and 3.99 per cent for a five-year fixed rate.

Fees for the lender’s F1 fee-assisted range at 75 per cent LTV have dropped from £1,495 to £495. The products include a 3.29 per cent two-year fixed rate and a 3.39 per cent five-year fixed rate.

Foundation has also launched a ‘limited edition’ range for landlords purchasing or remortgaging a house in multiple occupancy (HMO) or short-term let.

The range includes a two-year fixed rate at 3.44 per cent for HMOs, rising to 3.79 per cent for short-term lets, and a five-year fixed rate at 3.64 per cent, increasing to 4.14 per cent for short-term lets. The deals are available up to £750,000 and again come with the reduced product fee of £495.

George Gee (pictured), managing director (commercial) at Foundation Home Loans, said that the lender was acutely aware of how important upfront costs were when landlords are determining their finance options, which had led to the cut in product fees.

He added that HMOs and short-term lets are becoming more popular with landlords, “so this should help a much wider range of landlords with those immediate costs, and with the added benefit of no application fee and a free standard valuation, this should make a significant difference to landlords’ upfront outlay, whether they are purchasing or remortgaging”.

The changes follow Foundation’s expansion of its green buy-to-let range and expat specialist range last month.