Foundation Home Loans, the intermediary-only specialist lender, has today announced a range of enhancements to its fee-assisted buy-to-let product range including fee cuts, the introduction of new 80% LTV products, and new limited edition specialist fee-assisted products.
Fees for its two- and five-year fixed rates in the buy-to-let F1 fee-assisted product range at 75% LTV have been cut by £1,000 from £1,495 to £495. Rates available here are 3.29% for a two-year fix, and 3.39% for a five-year fix.
Foundation has also introduced new 80% LTV fee-assisted F1 products, also with a flat £495 fee, with a rate of 3.79% for a two-year fix and 3.99% for a five-year fix.
These new fee-assisted products are available for both purchase and remortgage, come with no application fee, and one free standard valuation.
The lender has also launched ‘Limited Edition’ specialist property fee-assisted products for landlords purchasing or remortgaging an HMO (up to six occupants) or a short-term let property.
These are 75% LTV products with prices at 3.44% for a two-year fix/3.64% for a five-year fix for HMOs, and 3.79% for a two-year fix/4.14% for a five-year fix for short-term lets. Again, these products come with the reduced £495 product fee, no application fee, and one free standard valuation. These specialist property fee-assisted products are available up to a maximum loan size of £750k.
The changes to its fee-assisted range follow Foundation’s expansion of its Green buy-to-let product range last week and also its Expats specialist product range to provide for specialist property types including short-term lets and standard HMOs (up to six occupants).
George Gee, Managing Director (Commercial) at Foundation Home Loans, said: “Upfront costs play a significant role in landlord finance decisions and Foundation is acutely aware of the difference fee-assisted products can make in this regard. We are now in a position to cut our fees even further, by £1,000, and can also introduce a fee-assisted 80% LTV product range plus fee-assisted options for those looking to purchase or remortgage HMOs or short-term lets. These specialist property types are becoming more popular so this should help a much wider range of landlords with those immediate costs, and with the added benefit of no application fee and a free standard valuation, this should make a significant difference to landlords’ upfront outlay, whether they are purchasing or remortgaging.”