Foundation launches new residential remortgage products and cuts rates

Foundation has announced the launch of new limited edition residential remortgage products and rate cuts across a large number of its residential and buy-to-let mortgages.

The lender has introduced new F1 - for borrowers just outside the mainstream or requiring a more flexible approach - residential remortgage-only products at 65% LTV, available on both a two and five-year fixed rate basis.

The two-year fix is priced at 6.09%, while the five-year is 6.24%. Both products come with a £595 fee, a free standard valuation and no application fee.

Alongside the launch, Foundation has made selected rate reductions across its wider residential range of 20 basis points, covering fixed rates for purchasers or remortgages, as well as remortgage-only deals with either cashback or fee-assisted legals, plus Foundation’s key worker, EPC Saver, and joint borrower sole proprietor product options.

Foundation has also reduced pricing across almost all of its buy-to-let range by up to 25 bps, with pricing now starting at 5.14%.

Pricing has been cut across a number of F1, F2 and F3 buy-to-let products, covering standard, HMO, large HMO, MUFB, short-term let, holiday let, expats and Property Plus.

Grant Hendry, director of sales at Foundation, commented: “We’ve moved quickly to reflect the recent improvement in market conditions, reducing almost all our rates within both our residential and buy-to-let product ranges to ensure brokers and their clients can access strong and competitive pricing.

“The launch of our limited edition residential remortgage-only products is particularly important. These offer a simple, excellent value solution with low upfront costs, which we know is a key priority for many borrowers at the moment.

“At the same time, the wider reductions of up to 25 basis points across buy-to-let and up to 20 basis points across residential mean advisers have a strong set of options across the board, whether they’re working on straightforward cases or more complex specialist scenarios.

“As a specialist lender, our focus remains on providing clarity, consistency and products that work in the real world, and this latest set of changes reflects that.”