‘Residential by Foundation’ cuts prices by 50bps and reintroduces 65% LTV products

By Bridging Loan Directory 22nd August 2024

‘The ‘Residential’ brand of intermediary-only specialist lender, Foundation Home Loans, has today (22^nd August 2024) announced a series of price cuts by up to 50 basis points (bps) to its core range, while also reintroducing products at 65% LTV and new Green mortgage options.

‘Residential by Foundation’ has cut rates on core F1 – for those borrowers who just miss out on the mainstream due to historical credit blips – and F2 – for borrowers who have recent credit blips – products including:

New F1 and F2 2- and 5- Year Fixed products at 65% LTV with a £995 fee and rates starting from 5.54%
New F1 2- and 5- Year Fixed Green products up to 85% LTV with a £595 fee, free valuation and rates starting from 5.59%
F1 2- and 5- Year Fixed products reduced by up to 0.50% with a £995 fee with rates now starting from 5.64% up to 85% LTV
F1 and F2 2- and 5- Year Fixed JBSP products reduced by up to 0.50% with a £795 fee and rates now starting from 5.84% up to 85% LTV

The lender has also made cuts to its Professionals, Key Workers, and EPC Saver products, plus there are also cuts to its F3 – for clients who have experienced credit problems in the last 12 months – and F4 – for clients with no significant adverse during the last six months – two- and five-year fixed rate products, with rates starting at 5.94% up to 75% LTV.

There are also new Green products – for those purchasing or remortgaging a property with an EPC level of C or above – for F1 borrowers, available up to 85% LTV with rates starting from 5.59%, which come with a £595 fee and a free valuation.

Tom Jacob, Director of Product and Marketing at Foundation Home Loans, said:

“The recent cut to Bank Base Rate and some notable dips in swap rates have paved the way for some sizeable shifts in pricing and we’re pleased to be able to announce these significant cuts to our core Residential range today, as well as the reintroduction, and launch, of products for specialist residential borrowers.

We have a wide residential offering covering purchase, remortgage-only, but also specific products for JBSP, Professionals, Key Workers, and both EPC Saver and Green mortgages, that cater for those either looking to improve their property’s energy-efficiency or those who already have a C or above grading.

This is a full product reprice across our full range of borrower tiers, with cuts right across the board, as well as a number of new products, that are designed to provide further options to all borrowers in all product niches.

As we know, advisers are seeing a growing number of borrowers who are currently outside the residential mainstream and with our ‘Residential by Foundation’ brand we’re able to cater for all their wants and needs, and to ensure they get the property finance they need.

We have a specific sales team dedicated to our Residential brand and if advisers are looking for any support in this sector, they should contact us to see how we can help them deliver the solutions and positive client outcomes.”