Foundation Home Loans has cut rates on its standard and HMO lines, as well as the launch of a new limited-edition limited liability company, a five-year fix and two new short-term rental products.
The LLC’s product is priced at 3.24%, 10 basis points below the Foundation Limited Liability Company’s core range, with a reduced fee of 1.5% and is available up to ‘at 75% LTV with a maximum loan amount of £ 1million and an ICR calculated at 125%. rate of pay.
The lender says it welcomes portfolio owners and has no limits on the size of the core portfolio for each borrower, subject to a maximum of £ 3million with the Foundation.
Foundation has also carried out a series of rate cuts on a number of rental products, including:
- Standard – Two-year F2 (for borrowers with some credit problems) 65% LTV reduced to 3.19% from 3.24%, and 75% LTV to 3.34% from 3.39 %; Five-year F2 fixed 65% LTV at 3.39% vs. 3.44% and 75% LTV at 3.54% vs. 3.64%. All with a 2% fee.
- HMO – F2 Five year 65% LTV reduced to 3.49% from 3.59% and 75% LTV to 3.64% from 3.74%. Both with a 2% fee.
The new short-term rental products are as follows:
- A two-year 65% LTV discount of 1.6% giving a current rate of pay of 3.49% and a 75% LTV discount of 1.2% giving a current rate of pay of 3.89%.
The intermediary lender also lowered the rates on its current short-term rental products, reducing its five-year fixed rate to 65% LTV to 3.99% from 4.19% and the 75% LTV to 4.29% against 4.79%.
George Gee (pictured), business director of Foundation Home Loans, said: “There is no doubt that the stamp duty budget announcement has allayed a number of concerns about completing the purchases, but it has also resulted in increased business impetus, especially from owners.
“Homeowners continue to look for properties that can offer a high return – hence the emphasis on HMOs and short-term rentals – and as a lender active in these areas, we want to ensure that advisors and their customers have access to a highly competitive range, in all rental product space.
“In addition to our flexible criteria and personalized service, we believe that this current range will be of great benefit to many advisors and their client-owners. “