Foundation Home Loans has made a series of rate reductions and product additions across its buy-to-let (BTL) range.
Following the Bank of England’s decision to hold the interest rate at 4% last week, and ahead of the forthcoming Autumn Budget, Foundation Home Loans has introduced two-year discount products across popular ranges and reduced rates on its existing ERC3 and discount options.
ERC3 is a five-year fixed rate product which has early repayment charges (ERCs) for only three of the five years.
The lender’s F1 five-year fixed-rate ERC3 product has been reduced by 0.10%, now with a rate of 5.54%. The product comes with a 1% fee and is available up to 75% loan-to-value (LTV).
The F1 two-year discount product has been lowered by 0.05%, now with a rate of 5.94%. It comes with a 1.5% fee and is available up to 75% LTV with no ERCs.
The new launches include the F2 two-year discount product with a rate of 5.99%. It also has a 1.5% fee and is available up to 75% LTV with no ERCs.
And F2 two-year discount products with rates of 6.09% (for HMOs up to six occupants) and 6.19% (for multi-unit freehold blocks). These both have a 1.5% fee and are available up to 75% LTV with no ERCs.
Foundation says the changes offered borrowers more freedom and options if market conditions or their circumstances change.
Foundation Home Loans director of product Tom Jacob says: “Landlords continue to balance opportunity with requirements for ongoing flexibility when it comes to their mortgage finance requirements.”
“That need for both certainty and flexibility remains one of the key priorities we hear from our broker partners in terms of what they can offer landlord borrowers.”
“That being the case these price cuts and the launch of new products are designed to deliver just that. Our two-year discount products with no ERCs and the ERC3 product, which offers a five-year fixed rate but only a three-year tie-in, deliver the kind of adaptable finance structure that landlords need right now.”
Last month, Foundation Home Loans launched new fixed-fee BTL products and a short-term let deal for energy-efficient homes. The lender added several new five-year fixed rate products to its F1 and F2 tiers.
