Foundation makes rate cuts and introduces 65% LTV green reward remortgage

Foundation Home Loans has announced several new rate reductions across its five-year fixed rate mortgage range for landlord borrowers.

The intermediary-only specialist lender lender has also introduced a new 65% LTV green reward remortgage.

Foundation’s 75% LTV five-year fix at 3.24% has been reduced by 10 basis points, which comes with a 2% fee, while the lender’s ‘ERC-3’ product is now fixed for five years at 3.59%. This has also been reduced by 10 basis points, and comes with early repayment charges for the first three years only.

Elsewhere, the 65% LTV five-year fixes at 3.14% come with a 2% fee, and a large loan option at 2.99% with a 2.25% fee and a maximum loan of £2m. Both of these products have also been reduced by 10 basis points, Foundation confirmed.

“These rate cuts to some of our most popular five-year fixes are designed to support advisers and their landlord clients, particularly if they are looking for a more generous loan amount,” commented Foundation commercial director, George Gee.

“The cuts of 10 basis points make these even more competitive and will enhance our core range supporting those landlords looking to add to their portfolios or to remortgage to an excellent rate.”

Foundation has also cut the rate on its recently-launched five-year fix green reward remortgage, down to 3.59% from 3.65% at 75% LTV and a maximum loan size of £1m. The lender has introduced a new 65% LTV version of the product, available at 3.49%, which allows for a larger maximum loan size of £1.5m.

The green reward five-year fixed rate mortgages for landlord borrowers are available on private rental sector properties which have an Energy Performance Certificate (EPC) rating of ‘C’ or above.

“As always, our aim here is to support those landlord borrowers who just miss out on mainstream credit scores and to support our adviser partners as they seek to grow their buy-to-let advice businesses,” Gee added.

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