Foundation unveils price cuts to standard and HMO ranges

Foundation Home Loans has announced new rate cuts across its standard and houses in multiple occupation (HMO) ranges.

The intermediary-only specialist lender has also launched a new limited edition limited company buy-to-let (BTL) five-year fix as well as two new short-term let products.

The limited company product is priced at 3.24%, 10 basis points below Foundation’s core limited company range, with a reduced 1.5% fee and is available up to 75% LTV with a maximum loan amount of £1m, and ICR calculated at 125% of pay rate.

Foundation stated that it welcomes portfolio landlords and has no limit to the background portfolio size for each borrower, subject to a maximum of £3m with Foundation.

“There’s no doubting that the Budget announcement on stamp duty has eased a number of worries about purchase completion, but it has also resulted in an increased activity impetus particularly from landlords,” commented Foundation commercial director, George Gee.
 
“Landlords continue to seek out properties that can deliver strong yield – hence the focus on HMO and short-term lets – and as a lender active in these areas we want to ensure advisers and their clients have access to a highly competitive range, right across the BTL product space.

“Along with our flexible criteria and our personal service, we believe this current range will be of huge benefit to many advisers and their landlord clients.”

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