FHL cuts residential and buy-to-let rates by up to 0.45%

Foundation Home Loans has announced rate reductions across both its buy-to-let and residential core product ranges.

Within its buy-to-let core product range, Foundation has made rate cuts of up to 30 basis points, with its F1 – for clients with an almost clean credit history – green five-year fixed-rate mortgage reduced by 0.30%, with rates starting at 6.29% with a 1.25% fee, a free valuation and no application fee.

Foundation’s green products are available for those purchasing or remortgaging a property with an Energy Performance Certificate (EPC) Level of C and above.

In its owner-occupied range, the lender has also reduced its F1 – for those who just miss out on the mainstream - green two and five-year fixed rate products by up to 45 basis points, with rates starting at 6.74%, and available with £750 cashback and a fixed £795 fee.

Rate changes have also been made to its remortgage-only, professionals and key worker F1 products, with rates again reduced by up to 45 basis points.

It has also made a similar price reduction to two and five-year fixes for all other borrower tiers; F2 – those with recent credit blips - F3 – those with credit problems in the last 12 months and F4 – those with no significant adverse in the last six months.

Tom Jacob, director of product and marketing at Foundation Home Loans, said: “Over the past couple of weeks, we have focused on refreshing both our buy-to-let and owner-occupier specials products, and now we are able to announce a full review of our core ranges, making rate cuts of up to 30 basis points for buy-to-let and up to 45 basis points for owner-occupier borrowers.

“We continue to support those landlord borrowers and residential purchasers/remortgagors who have properties with an EPC level above C, as it is clearly beneficial to have housing stock which is as energy-efficient as possible, particularly after a period when household energy bills have been so high. We remain focused on providing these green options and they remain a key part of both our buy-to-let and owner-occupied ranges.

“At the same time, we have cut rates on our HMO, large HMO and short-term let products for landlord borrowers, and our remortgage-only, professionals and key worker products for residential borrowers.

“Overall, this is a positive range of rate cuts across a wide array of products, and we believe these will offer advisers with specialist clients access to the finance they need, at a reduced price.”