Foundation Home Loans has cut rates on its owner-occupied and buy-to-let product ranges and introduced a new seven-year fixed-rate buy-to-let product.

The specialist lender has made cuts of up to 40 basis points on two- and five-year fixed rate products in its owner-occupier range. The reductions apply to its F1 tier, for borrowers who don’t qualify for the mainstream deals, and F2 tier for borrowers with recent credit blips.

For buy-to-let, rate cuts of up to 30bps have been made across Foundation’s Specials range within its F1 – for landlord borrowers with an almost clean credit history – and F2 – for clients financing a more specialist product type and/or those with some historical blips on their credit rating.

Select buy-to-let two-year fixed-rate Special products have been reduced by 25bps including a 5.74% product for 65% LTV in the F1 range, and 5.84% at 65% LTV in the F2 range.

Five-year buy-to-let fixed-rates have been reduced by 15bps, and are now at 5.69% (65% LTV) and 5.74% (75% LTV) for Foundation’s Special Portfolio Landlord F1 product, which comes with a 5% fee, no application fee and a free valuation.

Foundation has also launched a new seven-year fixed-rate BTL product, available at 6.99% for 75% LTV, and a new 1% fee.

Foundation director of product and marketing Tom Jacob says: “Both our Specials and Limited Edition products play a significant role within our overall owner-occupied and buy-to-let product ranges, and we’re very pleased to be able to cut rates across a large number of these products today.

“Our owner-occupied products are benefiting from rate reductions of up to 40bps, while within buy-to-let we have cuts of up to 30bps, which we believe will support advisers working with these types of clients, and will certainly help in terms of meeting affordability criteria.

“Offering product choice and options is clearly crucial in today’s mortgage market, and these products come with a number of incentives, from lower rate/higher fee options and no application fees and free valuations for some buy-to-let products, to lower fixed fees, free valuations and no application fee for owner-occupied specials.

“At the same time, we are launching a new seven-year fixed-rate buy-to-let product at 75% LTV within our Core range, as we continue to provide a variety of product options for landlord borrowers.”