Foundation Home Loans has revamped its core buy-to-let and owner-occupied ranges, launching new products across both areas.
In the core BTL range, the broker-only specialist lender has introduced a new F1 tier – for clients with an almost clean credit history – with two- and five-year fixes at 75% loan-to-value, with rates starting at 6.24%, and a £1,995 product fee.
It also launches a new F1 large loan five-year fix 65% LTV product, available at 5.84% with a fixed product fee of £3,995. The minimum loan size for this product is £200,000, the maximum is £2m.
The firm has reintroduced its F3 range – for portfolio and non-portfolio landlords with more recent credit blips – which offers two- and five-year fixes, plus a two-year discount product available at 75% LTV, with a 6.84% rate, and no early redemption fees.
It has relaunched its expat BTL range with options for F1, F2, houses in multiple occupation, large houses in multiple occupation and short-term lets. The business has retained its green product option – for properties with an energy performance certificate rating of C and above. Rates start at 6.29% for 75% LTV, with a 1.25% fee.
The lender’s BTL refresh covers all core products, as well as expat, large houses in multiple occupation, short-term let and green product options.
Across the firm’s owner-occupied range, it has introduced new products in all tiers – F1 to F4.
New products include F1 – for borrowers who fall just outside mainstream criteria – fee-assisted two- and five-year fixes at 75% LTV, with rates starting at 6.74%, and a reduced fee of £795, with one free standard valuation and no application fee.
It also has new F2 discount rates – for borrowers with recent credit blips – at 65% and 75% LTV, with no early repayment charges, starting at 6.89%.
Its F3 tier – for clients who have experienced credit problems potentially in the last 12 months – offers two- and five-year fixes at 65% and 75% LTV, starting at 7.14%.
The firm’s F4 tier – for clients with no significant adverse during the last six months – offers two- and five-year fixes at 65% and 75% LTV, starting at 7.39%.
The business has introduced new two- and five-year fixed-rate options in its professionals range, which offers a higher income multiple to those borrowers working with a range of eligible professions, with two- and five-year fixes. Rates start at 6.49%.
Foundation Home Loans managing director, commercial, George Gee says: “From the conversations we have with advisers, we know they are seeing an increasing number of borrower clients who come to them with specialist mortgage needs, be that complex incomes or multiple sources of income or low credit scores in the owner-occupied space, or limited company borrowing, specialist property purchase and remortgaging, or expats looking to add to their BTL portfolios.
“Our aim here is to provide a wide range of product options to advisers active in specialist mortgages, and to offer a range of different rates, fee options, LTV levels, that should provide the solutions these borrowers want and need.”
