All four residential products are fee-assisted so come with a fixed £595 fee, a free valuation, no application fee and cashback of £350
Buy to Let by Foundation the BTL brand of Foundation Home Loans, has announced the launch of a new five-year, fixed-rate Limited Edition product.
Available within its F1 tier – for clients with an almost clean credit history – the new product is available up to 75% loan-to-value with a rate of 5.59%, and a 2.25% fee.
The lender’s residential brand, Residential by Foundation, has also announced 30 bps cuts to its F1 – for clients who just miss out on the mainstream because of historical credit blips – two and five-year, fee-assisted fixed-rate remortgage-only products.
The two-year fix has product options at 80% loan-to-value – now at 6.54% – and 85% loan-to-value – 6.74%, while the five-year fixes are now available at 80% loan-to-value – 6.24% – and 85% loan-to-value – 6.44%.
All four residential products are fee-assisted so come with a fixed £595 fee, a free valuation, no application fee and cashback of £350.
Tom Jacob, director of product and marketing at Foundation Home Loans, noted: This week we are pleased to launch a new BTL five-year Limited Edition fix with a competitive rate which should appeal to landlord borrowers, while in the residential space we are able to reduce rates by 30 bps across four two- and five-year 80/85% loan-to-value remortgage-only products.
He said: These residential products also come with a number of other benefits, namely a low fixed fee, no application fee, and a free valuation plus cashback. Upfront costs are often a major worry for residential borrowers looking to remortgage, especially those that do not qualify for the mainstream, and we believe these products, particularly with a significant rate reduction, will mean they appeal to a much wider client demographic.
At Foundation we will continue to look at the ways and means by which we can support advisers with specialist clients, whether in the BTL, residential or through our more specialist BTL lending proposition, ‘Solutions by Foundation’.
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