Residential and BTL rates reduced: Foundation Home Loans

Foundation Home Loans has reduces rates on selected products across its residential and BTL rates by up to 50 basis points.

It is reducing the cost of a number of two-year and five-year fixes in its residential range.

On its two-year fixes, Foundation will now charge a rate of

• 2.89 per cent down from 2.99 per cent (at 65 per cent LTV)
• 3.19 per cent, down from 3.29 per cent(at 75 per cent LTV)

On its five-year fixes, it will charge

• 3.39 per cent down from 3.49 per cent(at 65 per cent LTV)
• 3.54 per cent down from 3.69 per cent (at 75 per cent LTV)

All these products come with a £995 fee.

If you need further advice on reductions in Residential and BTL rates, please call us. Our mortgage broker will be delighted to offer you a free initial consultation.

Furthermore. Foundation has also adjusted the prices of its fee-assisted residential remortgages.

On its two-year fixes, it will now charge

• 3.19 per cent down from 3.49 (at 65 per cent LTV )
• 3.39 per cent down from 3.89 (at 75 per cent LTV)

On its five-year fixes, it will charge

• 3.59 per cent cut from 3.99 per cent to (at 65 per cent LTV)
• 3.79 per cent cut from 4.29 per cent to  (at 75 per cent LTV)

These products come with a £599 fee. So, no application fee and a £250 cashback offer on completion.

Foundation Home Loans says its residential range is designed to meet the needs of borrowers with complex income or employment such as the recently self-employed. It will also consider a wide range of income types, including 100 per cent of bonus, overtime and/or commission, retirement and investment incomes.

Foundation Home Loans has further adjusted rates on its two- and five-year fixed rate BTL mortgages.

Its two-year fixed rates now start at

• 2.89 per cent up to 65% LTV.
• 3.99 per cent (down from 4.09 per cent) up to 80% LTV

It has also reduced its five-year fixed rate to 3.34 per cent from 3.44 per cent (at 75 per cent LTV).

Moreover, Foundation has also announced reductions to its five-year fixed rate for large loans over £500,000 and its BTL remortgage deals.

However, these have seen a rate cut and a reduction to the product fee.

Foundation Home Loans says these products are designed to support landlords looking for a more generous loan for their rent, as ICR is calculated using the pay-rate on five-year fixes, or the national rate of 5.5 per cent for shorter rates, and stress-tested at 125 per cent for limited companies and basic-rate taxpayers, and 145 per cent for others.

Are you a first-time buyer and looking for a mortgage advisor in Leeds? Please contact us on 0113 2488181 to speak to one of our mortgage advisors or click here.