Foundation has reduced rates on selected buy-to-let mortgages by up to 0.10 percentage points and amended its holiday-let lending criteria to allow owners to occupy their properties for up to 60 days a year.
The intermediary-only specialist lender has lowered pricing across its F1 and specialist buy-to-let ranges, with rates now starting at 4.99% at 75% loan-to-value (LTV).
Its F2 holiday-let range has also seen reductions of 10 basis points on both two-year and five-year fixed-rate products.
The two-year holiday-let fixed rate now starts at 6.64%, while the five-year equivalent is priced at 6.74%. Both products are available at 75% LTV and carry a 2% fee.
HOLIDAY-LET CRITERIA CHANGES
Alongside the pricing changes, Foundation has revised its holiday-let criteria to permit property owners to use their properties for up to 60 days annually.
The amendment gives landlords greater flexibility to combine personal use with holiday letting, potentially widening the appeal of the products to property investors seeking accommodation they can also occupy themselves.
The latest changes follow revisions to Foundation’s mortgage ranges last week, when the lender introduced two limited-edition remortgage-only products and reduced rates on selected residential mortgages at 90% LTV.
Grant Hendry (pictured), director of sales at Foundation, said: “Following our announcement just last week, we are pleased to announce further enhancements across our range, including rate reductions and a really exciting upgrade to our Holiday Let criteria.
“This move strengthens what is already a very popular product range among intermediaries and their clients.
“These enhancements further demonstrate our commitment to make positive changes to our products as soon as the opportunity presents itself.
“We continue to stay close to the market to ensure our product range remains competitive and able to support the broad requirements of intermediaries, landlords, property investors and borrowers.
“As ever, we pair this with the service, flexibility and manual underwriting that advisers rely on.”
