Foundation has relaunched a number of buy-to-let products withdrawn earlier this year while also cutting rates across parts of its specialist landlord range.
The intermediary-only lender confirmed the return of its ERC3 fixed-rate mortgage, which applies early repayment charges for only the first three years of a 5-year fixed term.
The product relaunch forms part of a wider refresh of Foundation’s standard and specialist buy-to-let offering, including new remortgage, holiday let and energy efficiency-focused products.
The lender has also reduced rates on selected MUFB and holiday let deals as competition within the specialist landlord market continues to intensify.
NEW ADDITIONS
Among the new additions are two remortgage-only 5-year fixed products available up to 75% loan-to-value for borrowers with either near-clean credit histories or historic adverse credit.
Foundation said the new F1 product carries a rate of 6.44%, while the F2 equivalent is priced at 6.54%, with both products including free standard valuations, £500 cashback and no application fee.
The relaunched F1 ERC3 5-year fixed product is available at 75% LTV with a rate of 6.39% and a 1.5% fee.
The lender has also introduced a new EPC Saver product aimed at landlords improving the energy efficiency of their properties. The 5-year fixed product is available at 75% LTV with a rate of 6.49% and includes £1,000 cashback alongside a free energy saving audit through Vibrant Energy Matters.
And Foundation has launched a new F2 Short Term Let 5-year fix at 75% LTV, priced at 6.74%, with no application fee and a free valuation.
Rate reductions have also been applied to existing specialist products.
Foundation said its MUFB 5-year fixed product at 75% LTV has been reduced by 0.15% to 6.09%, while its Holiday Let five-year fix has been cut by 0.10% to 6.24%.
The lender expanded its wider specialist buy-to-let proposition earlier this month with new Green, HMO, MUFB, Holiday Let and Expat mortgage options.
WELCOME RETURN
Grant Hendry (main picture, inset), director of sales at Foundation, said: “We’ve moved quickly to respond to changes in the market and continue to try and make sure brokers have access to a strong and relevant set of options for their landlord clients.
“We think the return of the ERC3 5-year fixed-rate will be particularly welcome. It’s a product that has been consistently popular with brokers, especially for landlord clients who want a balance between early repayment flexibility and longer-term certainty.”
MORE SUPPORT
Ad he added: “At the same time, we’ve widened our support for specialist property types, including short-term and holiday lets, which remain an important and active part of the market.
“Alongside this, the rate reductions on our MUFB and holiday let products show our intent to stay competitive and support brokers with cases that can often be more complex to place.
“Overall, this is about giving brokers more choice across both standard and specialist buy to let, backed by a proposition that works for the type of landlord business they are writing today.”
