“As an active lender in these areas, we want to ensure that advisors and their clients have access to a highly competitive range, across the rental product space.
Foundation Home Loans lowered rates on its standard and HMO lines, and launched a new limited edition of a limited liability company, a five-year buy-and-lease solution, and two new short-term rental products.
The LLC’s product is priced at 3.24%, 10 basis points below the Foundation Limited Liability Company’s core range, with a reduced fee of 1.5% and is available up to ‘at 75% LTV with a maximum loan amount of £ 1million and an ICR calculated at 125%. rate of pay.
The lender welcomes portfolio owners and has no limit to the base portfolio size for each borrower, subject to a maximum of £ 3million with the Foundation.
New short-term rental products include a 65% two-year LTV discount of 1.6% giving a current rate of pay of 3.49% and a 75% LTV discount of 1.2% giving a rate of current compensation of 3.89%.
Foundation also carried out a series of rate cuts on a number of rental products.
A standard two-year F2 (for borrowers with some credit problems) at 65% LTV has been reduced to 3.19% from 3.24%, and to 75% LTV at 3.34% from 3.39 %. A five-year F2 fix to 65% LTV has been reduced from 3.44% to 3.39% and a 75% LTV product has been reduced from 3.64% to 3.54%. All products come with a 2% charge.
New HMO products include a five-year F2 at 65% LTV reduced to 3.49% from 3.59% and 75% LTV at 3.64% from 3.74%, both with a fee of 2 %.
Additionally, Foundation lowered the rates on its current short-term rental products, reducing its five-year fixed rate to 65% LTV to 3.99% from 4.19% and the 75% LTV to 4.29% from 4.79%.
George Gee, Business Director of Foundation Home Loans, said: “There is no doubt that the announcement of the stamp duty budget allayed a number of concerns about the completion of purchases, but it also resulted in an increased boost to activity, especially from of the owners.
“Homeowners continue to look for properties that can offer a high return – hence the emphasis on HMOs and short-term rentals – and as a lender active in these areas, we want to ensure that advisors and their Customers have access to a highly competitive range, in all In addition to our flexible criteria and personalized service, we believe that this current range will be of great benefit to many advisors and their client-owners.