Foundation Home Loans has announced a full re-release of its entire buy-to-let product range with fees reduced by up to a full 1% at the same time as rate reductions of up to 0.25%, plus the introduction of a new short-term-let product with a flat fee.
From today, Foundation’s percentage product fees have been:
- Halved to 1% on all Foundation’s two-year fixed-rate products;
- Reduced by 0.5% to just 1.5% on all five-year F1 and F2 standard property products.
As well as the fee reductions, the lender is making a number of rate reductions by up to 0.25% for several buy-to-let products including its HMO five-year fix at 75% LTV reduced to 3.44%, the Large HMO/MUB five-year fix at 75% LTV reduced to 3.54%, and the Short-term Let five-year fix at 65% LTV reduced to 3.74%.
Foundation has also launched a new Short-term Let five-year fix which comes with a flat fee of £1,495 – it has options at both 65% LTV (3.94%) and 75% LTV (4.29%).
George Gee, commercial director at Foundation Home Loans, said: “We have been able to significantly reduce the product fees across our two- and five-year fixed rates while maintaining, and in many cases even reducing, rates. This new buy-to-let product range with lower percentage product fees is designed to reduce the total cost of the loan for buy-to-let borrowers.
“Due to the popularity of flat fees across the rest of our range we’ve also introduced a five-year fix which comes with a £1,495 fee for those purchasing or remortgaging short-term lets, again designed to keep down the overall cost of the loan.”
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