The lender has reduced rates by 15 basis points on its F1 and F2 two-year fixed rate products, now starting from 6.49% with a 1.5% fee. Additionally, rates on pound-for-pound F1 and F2 remortgage-only products have been cut by up to 10 basis points (bps), starting at 6.64% with a 1.5% fee, with all applicants assessed at pay rate with an ICR of 125%.
Also repriced are the following products: F2 two-year fixed rate Large Portfolio product, cut by 10bps to 6.79%, with one free standard valuation, no application fee, and a 1.25% product fee; F2 two-year fixed rate HMO products, reduced by up to 10bps, starting from 6.74% with a 2% fee; and F2 two-year fixed rate Short-Term Let products, cut by up to 5bps, starting from 6.89% with a 2% fee.
Foundation has also reduced the product fee on its F2 five-year fixed rate Large Loan product by 0.25%, now at 1.25% for products up to 70% LTV. These cuts follow the recent launch of a five-year fixed rate limited edition product within its F1 tier, available up to 75% LTV with a rate of 5.59% and a 2.25% fee.
“We’ve noted a downward trend in rates, and we’re pleased to announce further price cuts across our F1 and F2 products,” said Tom Jacob (pictured right), director of product and marketing at Foundation Home Loans. “These adjustments support existing landlord borrowers and those seeking competitive remortgage rates. We’ll continue to monitor the market to ensure our buy-to-let product range remains competitive and meets the needs of advisers and their landlord clients.”
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