Foundation Home Loans has repriced its product range with many fees halved and rates cut by up to 25 basis points.
The lender has also introduced a new short-term let product with a flat fee.
From today, Foundation’s has halved percentage fees on its two-year fixed-rate products from 2% to 1%.
It has reduced percentage fees on all five-year F1 and F2 standard property products by 50 basis points from 2% to 1.5%.
The lender is making the following rate cuts:
- F2 houses in multiple occupation (HMOs) five-year fix at 75% LTV for portfolio landlords reduced to 3.44% from 3.64%.
- F2 large HMO/ multi-unit block five-year fix at 75% LTV reduced to 3.54% from 3.74%.
- F2 short-term let five-year fix at 65% LTV reduced from 3.99% to 3.74%
Foundation has also launched a new short-term let five-year fix which comes with a flat fee of £1,495 and a rate of 3.94% at 65% LTV or 4.19% at 75% LTV.
Foundation Home Loans commercial director George Gee says: “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.”