Foundation Home Loans, the intermediary-only specialist lender, has today responded to an increase in demand for shorter-term buy-to-let mortgage products by reducing pricing on two products for standard property types, and introducing a new product with a flat arrangement fee.
These complement the existing two- and five-year rates already available. From today, advisers will be able to access the following reduced two-year rates within Foundation’s standard property range for both individual and limited company borrowers with an almost clean credit history:
- An F1 3.24% fixed-rate – reduced from 3.39% – available at 75% LTV with a 2% fee.
- A 3.49% fixed-rate – reduced from 3.69% – available at 75% LTV with a 2% fee in the F2 range.
- A new F1 3.44% two-year fixed-rate product available up to 65% LTV with a flat £1,995 fee.
- A new F1 3.64% two-year fixed-rate product available up to 75% LTV with a flat £1,995 fee.
Earlier this month, Foundation returned its buy-to-let product range to its pre-lockdown structure with the reintroduction of large loan, early remortgage and short-term let products.
The changes follow Foundation’s recent amendments to its HMO/multi-unit block product range which it says is also seeing strong demand for two-year options. It currently offers two-year fixed-rate options for standard and large HMOs.
Jeff Knight, Director of Marketing at Foundation Home Loans, said: “We are seeing a strong demand for our two-year products across the range and are always looking to enhance our competitive position where appropriate. These products are available to both limited companies and individuals. We are also able to offer these with generous ICRs, for example, 125% for limited companies and basic-rate taxpayers, which broadens our range and offers an extensive choice to meet the needs of buy-to-let landlords. At present, we are able to provide excellent levels of service, we have all our sales team working effectively from home and this has translated into a record number of new case enquiries in recent weeks. We would therefore urge advisers with landlord clients to speak to Foundation to see how our growing range of products might be suitable for them.”