Foundation Home Loans has announced several price cuts across its range of two-year BTL fixed rate products.
The new products from the intermediary-only specialist lender will be available with immediate effect, and include cuts of up to 45 basis points for portfolio landlords, limited company clients, as well as landlords purchasing or refinancing specialist properties, which includes HMOs and MUBs.
Features of the products include a two-year fixed rate at 75% LTV available from 2.69% – cut from 3.05% – for individual borrowers and limited company applicants. There is also a two-year fixed rate at 75% LTV for HMOs – now available from 2.89% having been cut from 3.34% – for individual borrowers and limited company applicants.
Foundation has also made a cut to its large HMO and multi-unit block two-year fix products at 75% LTV, for properties with more than eight bedrooms, or 10 units. These have a new rate of 2.99%.
Foundation director of marketing, Jeff Knight, commented: “To be able to announce price cuts of up to 45 basis points is a significant move. It gives greater choice for landlords, especially HMO clients as the ICR is highly competitive in this market at only 145% at 5.5%.
“We’ve seen a growing appetite for two-year products in recent months from landlord borrowers looking for rate security alongside some freedom to be flexible after 2022.”
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