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Foundation returns to resi and BTL markets, increases LTVs 

Foundation returns to resi and BTL markets, increases LTVs 

Foundation Home Loans has returned to the residential and buy-to-let markets after, withdrawing its products last week as rates rose across volatile markets.   

The broker-only specialist lender says it has revamped all products in its core BTL and owner-occupied ranges for both purchase and remortgage — and launched several options at up to 80% LTV within its landlord range and at 85% LTV within owner-occupied products.  

Its core range starts at 6.79% for F1 to F3 BTL products for individual, portfolio and limited company landlords, including green, short-term Let, houses in multiple occupation and expat options.  

The firm now offers up to 80% LTV on its core F1 BTL range with a two-year fixed-rate loan available at 7.44% and a five-year fixed-rate deal available at 7.24%. Both products come with a £1,995 fee.  

It also sells an F1 green five-year fixed-rate ABC+ product – for borrowers purchasing or remortgaging properties which have an energy performance certificate level of C or above – at 75% LTV priced at 6.69%. This product comes with a 1.25% fee, a free valuation and no application fee.  

In the lender’s residential range, it offers loans across all its F1 to F4 tiers, with rates starting at 6.84%.  

It has a new pair of F1 two- and five-year fixed-rate products available up to 85% LTV, with a flat £995 fee. The F1 two-year fixed rate is available at 7.59%, while the five-year is priced at 7.69%.  

It also offers green ABC+ products for owner-occupiers at both 75% LTV and 80% LTV, with rates starting at 7.14% for the two-year fix and 7.24% for the five-year fix – with fees at £995 while the products come with a free standard valuation.  

Foundation Home Loans director of product and marketing Tom Jacob says: “Last week, due to a significant amount of volatility in the money markets, we took the difficult decision to withdraw our core range products, committing to replacing them as quickly as possible.  

“We are pleased to now replace them with repriced products for both BTL and owner-occupied, and also the addition of new higher LTV tiers.  

“Our core BTL range will now include 80% LTV two- and five-year fixed-rate product options for our F1 borrowers, while there are 85% LTV fixed-rate options for F1 owner-occupied borrowers.  

“On top of this, we are also adding more 65% LTV fixed-rate owner-occupied products for F1 and F2 tiers, which will allow borrowing up to £2m.”  

Last week, lenders pulled almost 400 home loans, around 300 BTL deals and raised rates, as firms reacted to the prospect of further Bank of England base rate rises, after inflation fell to higher-than-expected levels sparking a rise in swap rates.  

The post Foundation returns to resi and BTL markets, increases LTVs  appeared first on Mortgage Strategy.

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