Foundation has launched new limited edition residential remortgage deals and reduced rates across much of its residential and buy-to-let range.
The intermediary-only specialist lender said the latest changes, announced on 16 April, include a pair of F1 residential remortgage-only products at 65% loan to value aimed at borrowers who sit just outside the mainstream or need a more flexible underwriting approach.
The new limited edition products are available as both a two-year fixed rate and a five-year fixed rate. The two-year fix is priced at 6.09%, while the five-year fix is 6.24%.
Both come with a £595 fee, a free standard valuation and no application fee, in a move designed to reduce upfront costs for residential remortgage borrowers.
Foundation said the products were intended to offer a simpler option for customers looking to refinance, while maintaining competitive pricing in the specialist residential market.
Alongside the launch, the lender has cut selected rates across its wider residential mortgage range by 20 basis points. The reductions apply across fixed rate products for both purchase and remortgage business, as well as remortgage-only options with cashback or fee-assisted legals.
The reductions also cover a number of its more specialist propositions, including Key Worker, EPC Saver and joint borrower sole proprietor products.
Foundation said the changes were designed to improve affordability and support brokers placing residential cases in a market where pricing remains an important factor for customers reviewing refinance options.
BUY-TO-LET RATE CUTS
The lender has also reduced pricing across almost all of its buy-to-let range by up to 25 basis points, with rates now starting from 5.14%.
The buy-to-let cuts cover a broad spread of Foundation’s F1, F2 and F3 products, including standard, HMO, large HMO, MUFB, short-term let, holiday let, expat and Property Plus options.
That suggests the lender is seeking to sharpen pricing across both core and more specialist landlord segments, rather than limiting changes to standard property types.
Foundation said the buy-to-let repricing reflected a consistent approach designed to give brokers and landlord borrowers more value and greater certainty, whether they were dealing with straightforward or more complex cases.
Grant Hendry, director of sales at Foundation, said: “We’ve moved quickly to reflect the recent improvement in market conditions, reducing almost all our rates within both our residential and buy-to-let product ranges to ensure brokers and their clients can access strong and competitive pricing.
“The launch of our Limited Edition residential remortgage-only products is particularly important. These offer a simple, excellent value solution with low upfront costs, which we know is a key priority for many borrowers at the moment.
“At the same time, the wider reductions of up to 25 basis points across buy-to-let and up to 20 basis points across residential mean advisers have a strong set of options across the board, whether they’re working on straightforward cases or more complex specialist scenarios.
“As a specialist lender, our focus remains on providing clarity, consistency and products that work in the real world, and this latest set of changes reflects that.”
