Foundation expands buy-to-let range and cuts residential rates

‘Buy to Let by Foundation’, the buy-to-let brand of Foundation Home Loans, has launched 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% LTV with a rate of 5.59% and a 2.25% fee.

The lender’s residential brand, ‘Residential by Foundation’, has also announced 30 basis points cuts to its F1 – for clients who just miss out on the mainstream due to historical credit blips - two and five-year fee-assisted fixed rate remortgage-only products.

The two-year fix has product options from 6.54% at 80% LTV and 6.74% at 85% LTV, while the five-year fixes are now available 6.24% and 6.44% respectively.

All four residential products are fee-assisted so come with a fixed £595 fee, a free valuation, no application fee and cashback of £350.

Residential by Foundation offers a range of mortgages to residential borrowers who just miss out on the mainstream, including mortgages for professionals, key workers and the self-employed, and F1 through F4 credit tier products for purchase and remortgage. It recently launched new joint borrower sole proprietor products which allow up to four borrowers to be named on the mortgage, up to two who are named on the property deed.

Tom Jacob, director of product and marketing at Foundation Home Loans, said: “This week we are pleased to launch a new buy-to-let five-year limited edition fix with a competitive rate which should appeal to landlord borrowers, while in the residential space we’re able to cut rates by 30 basis points across four two and five-year 80/85% LTV remortgage-only products.

“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 concern for residential borrowers looking to remortgage, particularly those that don’t qualify for the mainstream, and we believe these products, especially with a significant rate cut, will mean they appeal to a much broader client demographic.

“At Foundation we’ll continue to look at the ways and means by which we can support advisers with specialist clients, whether in the buy-to-let, residential or via our more specialist buy-to-let lending proposition, ‘Solutions by Foundation’.”