Foundation has announced that it has cut buy-to-let rates by up to 0.30% and launched three products, alongside enhanced criteria across its range.
The new Special F1 £4£ remortgage-only product is a two-year fix at 5.24% at 75% loan-to-value (LTV), with a 4% fee. The ICR is 125% for all applicants, and Foundation stresses cases at pay rate.
Foundation also reduced its F1 Limited Edition remortgage-only two-year fix by 30bps to 4.69%, with a 4% fee. The product comes with a free standard valuation, no application fees and £250 cashback.
Two new F2 two-year fixed rate MPOT (multiple properties on one title) products join the range at 65% and 75% LTV, with rates starting at 6.79%. Five-year fixed buy-to-let rates on the F2 MPOT range fell 26bps at both LTV tiers, starting at 7.09%. The products suit landlords with up to four properties under a single freehold title, and avoid the cost and complexity of a title split.
Foundation has also updated its MPOT criteria, raising maximum borrowing to 75% LTV on MPOTs that include a holiday let. Where every property on a title is a holiday let, normal MPOT lending limits apply: £3m at 65% LTV and £2m at 75% LTV.
Buy-to-let rates and fees across the range include:
- New Special F1 £4£ remortgage-only two-year fix: 5.24% at 75% LTV, with a 4% fee
- New F2 two-year fixed MPOT: 6.79% at 65% LTV and 6.99% at 75% LTV, both with a 2.50% fee
- F2 MPOT five-year fixed, down 26bps: 7.09% at 65% LTV and 7.29% at 75% LTV, with a 2.50% fee
- F1 Limited Edition remortgage-only two-year fix, down 30bps: 4.69%, with a 4% fee
“Following some stabilisation in swap rates, we have been able to push forward with a significant update across our BTL offering,” said Grant Hendry, director of sales at Foundation (pictured).
“Whether it’s brand new products, sizeable rate reductions or effective changes to criteria, we have been able to enhance the competitiveness, flexibility and overall appeal of our proposition – particularly a key product line such as our MPOT offering.
“Not only is this great news for landlords and property investors of all shapes and sizes, but it’s a real win for the advisers supporting them. It’s further proof of our commitment to stay agile and to innovate, all while staying close to the market to identify opportunities for improvement as soon as they present themselves.
"Alongside expert service, flexibility and manual underwriting, this is what is expected of specialist lenders in today’s fast-paced and highly competitive market.”
