Finance

Foundation announce wide range of BTL rate cuts

Property Reporter
|
17th September 2020
To Let 555

Intermediary-only specialist lender, Foundation Home Loans, has shaken up its buy-to-let offering with the announcement that it has made buy-to-let rate reductions across all product tiers and property types.

According to the lender, the revamped BTL ranges will be available to both individuals and limited companies and will include:

80% LTV two-year fixed-rate - reduced by 20 basis points from 4.29% to 4.09%; available to F1 borrowers – those with an almost clean credit record.

HMO five-year fixes – reduced by 60 basis points for 75% LTV rates, down to 3.94% from 4.54% for properties with up to six occupants, and down to 4.04% from 4.64% for 75% LTV for larger HMOs with a maximum of eight bedrooms and all multi-unit blocks to a maximum of 10 units. 65% LTV rates have also seen reductions of 25 basis points.

Short-term let fixes – two-year 65% LTV at 3.49% from 3.59% and 75% LTV at 3.89% from 3.99%; five-year 65% LTV at 3.94% from 4.04% and 75% LTV at 4.54% from 4.64%.

The lender has also extended all end dates to the 31st January 2023 for two-year deals and 31st January 2026 for five-year.

Jeff Knight, Director of Marketing at Foundation Home Loans, said:

“Foundation is on course to achieve a record quarter for new business. Our sales team are receiving record levels of enquiries but we continue to provide a reliable service to intermediaries.

"We are building on this success with these rate reductions to our core range to ensure we support existing brokers further and support the growing number of new brokers we have recently onboarded too.”

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