This includes a two-year fix, priced at 4.99% with a 4% fee, one free standard valuation, £250 cashback and no application fee. There is also a five-year fixed alternative with a rate of 5.84% and a 5% fee.
Foundation has also lowered rates across its residential offering, including reductions of 0.2% to its two- and five-year fixed rates at 90% LTV, now priced at 7.09% and 7.29% respectively. Both products have no fee.
For key workers, cuts of 0.2% have been made to the corresponding products, now priced at 7.19% and 7.39% respectively.
Grant Hendry, director of sales at Foundation, said: “Following a period of greater market stability, we’re pleased to be enhancing both our buy-to-let and residential propositions with a range of new product options and rate reductions.
“The introduction of our new limited-edition remortgage-only BTL products provides brokers with even more choice for landlord clients, particularly those looking to remortgage, while our latest residential rate reductions strengthen our support for borrowers purchasing with smaller deposits.”
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Hendry added: “As market conditions continue to evolve, it’s important that we offer competitive solutions backed by the service, flexibility and manual underwriting that brokers value. These latest changes further strengthen our proposition across both BTL and residential lending, helping brokers meet a wider range of client needs and continuing our focus on making mortgages happen.”
SDKA raises max loan for BTL title indemnity insurance
SDKA has increased the maximum loan size of its residential BTL purchase offering to £250,000.
The policy covers a range of standard title-related risks, including matters relating to searches and restrictive covenants, which should reduce legal administration and minimise avoidable delays between application, legal instruction and completion.
SDKA’s policy costs £392 on loans up to £250,000, compared to the typical £300-500 cost for a standard search pack including local search, drainage and water, environmental and chancel searches.
The lender said that as additional searches were usually required, the initial one-off policy cost made its policy cheaper than the incremental outlays.
For example, adding Lack of Planning costs £175, Lost Title Deeds and Absence of Easement are £145 each, Restrictive Covenants are £115 and Lack of Buildings Regulations is £60.
Further, with the typical local search taking around 2-6 weeks on average, SDKA said its title indemnity insurance removed this requirement and reduced the delay.
SDKA soft-launched Westcor’s Perfect Title Policy last summer with an initial £150,000 limit so it could integrate the product into its processes and work with legal partners to streamline instruction to completion.
Scot Tsang, head of operations and in-house legal at SDKA, said: “When we introduced the policy, we chose to start with a £150,000 limit so that we could properly understand the product, embed it within our processes and work closely with our legal partners to seamlessly implement.
“We have seen clear benefits from the approach, particularly in helping to reduce costs and unnecessary delays by simplifying the way title risks are dealt with during the legal process. Increasing the limit to £250,000 is a natural step and allows more of our residential BTL borrowers to benefit from the product.”
