Foundation Home Loans reduces rates and launches lending in Scotland

Foundation Home Loans has, today, announced a full reprice of both their buy-to-let and residential core ranges that includes improved rates, competitive product features and greater customer value.

Residential fixed rates now start at 2.99% for two years at 65% LTV, and buy to let fixed rates now start at 2.74%.

Of particular focus are customers with more complex scenarios that warrant a specialist solution, with these proposed new options providing the customer with clear mortgage choices.

The product changes come along with the news that Foundation is now also lending in Scotland.

In the Residential range, changes include:

1. Rate reductions of up to 0.55% on Foundation’s Green residential products at 85% LTV with a new £995 fee

2. New Discounted options in the F1 and F2 ranges with a £1,495 fee which now include one free standard valuation

3. New Fee Assisted options and selected price reductions of up to 0.15% in the F1 and F2 ranges. Both credit tiers introducing a reduced fee option of £195 (a reduction of £400) giving customers the choice of a product with a lower upfront cost

4. Selected rate reductions of up to 0.25% across the F2 credit tier offering greater value for money. Product rates start at 3.09% fixed for two years with a £1,295 fee, up to 65% LTV

5. Rate reductions of up to 0.35% across the F3 range with rates starting at 3.49% fixed for two years, and 3.84% fixed for five years, both with a £995 fee.

In the Buy to Let range, changes include:

1. New rate and fee options at the 5-year fix 75% price point, with a new 2.89% 5-year fixed rate with 2% fee, alongside a fee-assisted 3.39% with a flat £1,495 fee which offers a particularly competitive price option for larger loans up to 75% LTV

2. An additional large loan 5-year fixed rate at 2.94% with a flat fee of £3,995 available to 65% LTV

3. A reduced 5-year fixed rate on the 2% fee large loan rate to 2.79% (was 2.99%)

4. Cuts to HMO rates by up to 0.20%

5. Cuts to Short Term Let rates by up to 0.30%

The changes have been designed to support intermediaries in making a strong start to 2022, and come along with the news that Foundation now also lend in Scotland.