Foundation Home Loans has announced good news for both landlords and people looking to buy their own home, with a range of mortgage rate cuts.
There are savings for landlords, with Foundation cutting rates across its special and limited edition buy-to-let mortgages. These cuts are designed to offer more choice and flexibility, with different options depending on your circumstances:
- Portfolio Landlords: Rates for landlords with four or more mortgaged properties have been slashed by up to 0.25%. You can now lock in a rate of 4.59% with a 6% fee, or opt for a slightly higher rate of 4.84% with a lower 5% fee.
- Two-Year Fixed Rates: Looking for a shorter-term deal? Two-year fixed rates have been reduced by up to 0.35%, giving you options from 4.24% with a 4% fee or 4.74% with a 3% fee.
- HMO Landlords: Rates on Houses in Multiple Occupation (HMOs) have also been reduced. Two-year fixes are down by 0.35% and five-year fixes by 0.25%, with rates starting from 4.79% and 5.29% respectively (both with a 3% fee).
Limited Edition Deals Also Reduced
- Five-Year Fix with Low Fee: A new five-year fixed-rate mortgage is now available at 5.54% with a flat fee of £2,495.
- Green Mortgages: Landlords with energy-efficient properties (EPC rating A-C) can benefit from a reduced rate of 5.34% on a five-year fix. This mortgage comes with a fee of £4,495.
Residential Mortgage Rate Cuts
It’s not just landlords who are benefitting from these cuts. Foundation has also reduced rates on its two and five-year fixed-rate mortgages for residential buyers:
- Savings for All: Rates have been cut by up to 0.30% across the board.
- Competitive Rates for All Borrowers: Rates now start from 5.94% for borrowers with good credit histories (F1) and 6.14% for those with more complex circumstances (F2).
- Low Fees: These mortgages come with a fee of £795, a free valuation and no application fee.
What do these cuts mean for you?
Tom Jacob, director of product and marketing at Foundation Home Loans, says these rate cuts offer greater choice and affordability for both landlords and residential buyers.
Whether you are a landlord looking to expand your portfolio or refinance an existing property, or a homeowner looking to buy your dream home, Foundation Home Loans has a range of competitive mortgage products to suit your needs.