Foundation Home Loans Reduces Standard and HMO Prices and Launches New Short-Term Leased Products
Foundation Home Loans has cut rates in its Standard and HMO ranges and launched a new 5-year limited-edition lease buyback and two new short-term lease products.
The LLC’s product is priced at 3.24% with a reduced commission of 1.5% and is available up to 75% loan-to-value (LTV) with a maximum loan amount of £ 1million. sterling and an ICR calculated at 125% of the rate of pay.
Rate cuts see its standard 2-year F2 (for borrowers with some credit problems) down to 65% LTV reduced to 3.19% from 3.24%, and 75% LTV at 3.34% from 3 , 39%; 5 years F2 fixes 65% LTV at 3.39% from 3.44% and 75% LTV at 3.54% from 3.64%. All with a 2% fee.
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On the HMO front, the 5-year LTV at 65% F2 is reduced to 3.49% from 3.59% and to 75% LTV at 3.64% from 3.74%. Both with a 2% fee.
The new short-term leased products are a 2-year 65% 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%.
The Foundation also reduced the rates of its current short-term leased products, reducing its 5-year fixed rate to 65% LTV to 3.99% from 4.19% and the 75% LTV to 4.29% from 4, 79%.
George Gee (pictured), business director of Foundation Home Loans, said: “There is no doubt that the stamp duty budget announcement has allayed a number of concerns about the completion of the purchases, but it has also led to an increase in activity, especially on the part of the owners.
“Landlords continue to look for properties that can offer a high return – hence the emphasis on short-term rentals and HMOs – and as a lender active in these areas, we want to ensure that advisors and their customers have access to a highly competitive range, through the purchase-lease product space.
“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.”