FHL launches new limited edition products with reduced fees

Foundation Home Loans has added three new limited edition products to its core buy-to-let range and added special editions to both its buy-to-let and residential offering.

In its F1 tier, the lender is introducing a 6.39% five-year fixed-rate, while in its F2 tier it has introduced both a 6.59% Large HMO five-year fixed rate and a 6.79% short term let five-year fix.

All three limited edition products come with a £2,995 fee, a free valuation and no application fee.

Foundation is also introducing a range of specials with enhanced features within its buy-to-let range including reduced product fees for its F1 five-year fixes, down from 1.5% to 1.25%, plus there are new F1 two-year fixed-rates, starting from 5.99%, with one free standard valuation.

In its residential range, Foundation has introduced new F1 and F2 fee-assisted product options for both two and five-year fixed-rate periods, with all products having a £795 fee, a free valuation and no application fee. Rates start at 6.29%.

The new products follow the refreshing of all Foundation’s products within its core buy-to-let and owner-occupied ranges at the end of May.

Tom Jacob, director of product and marketing at Foundation Home Loans, said: “At the end of last month, we were able to relaunch both our core buy-to-let and owner-occupied products, and continuously looking at our range, reviewing where we believe there is strong demand, we have now been able to launch both new limited editions and special products with a number of new features.

“The new limited edition F1 product within our core buy-to-let range should have a wide appeal across a number of landlord borrowers, while our more niche HMO and short-term let five-year fixes are targeting a growing demand within the sector, particularly as landlords seek increasing yields.

“Our new special products offer competitive options, particularly for owner-occupied customers looking to remortgage, given the lower fees, and the fact they come with both a free valuation and no application fees.

“Overall, this broadens the product choice we are offering and targets specific landlord and owner-occupier borrowers, which we believe will allow advisers to offer a wider range of solutions to their clients from Foundation.”