Residential by Foundation has announced cuts to its mortgage rates, making it cheaper for you to get on the property ladder or save money on your existing mortgage.

Here’s a breakdown of the changes:

Key Workers:

• If you’re a key worker who doesn’t quite fit standard mortgage criteria due to past credit issues, Residential by Foundation has slashed rates on its 2-year and 5-year fixed-rate mortgages by 0.30%.
• You could now secure a rate as low as 6.09%.
• Plus, you’ll get a free standard valuation and pay no application fee – just a £595 product fee.

Green Homes:

• If your home boasts an Energy Performance Certificate (EPC) rating of C or above, you could benefit from a 0.10% rate reduction on Residential by Foundation’s Green ABC+ mortgages.
• These mortgages are designed for those buying or remortgaging energy-efficient properties.
• Rates now start from a competitive 6.34% up to 85% loan-to-value.
• As with the Key Worker mortgages, you’ll also benefit from a free standard valuation and no application fee – you’ll just need to pay a £595 product fee.

Joint Borrower Sole Proprietor (JBSP):

• Good news for those with recent credit blips! Residential by Foundation has reduced rates on its 2-year and 5-year fixed-rate JBSP mortgages by 0.10% across both its F1 and F2 tiers.
• Rates now start from 6.24% with a £795 fee.
• These mortgages are perfect for situations with up to four borrowers, where only two are named on the property deed.

New Professional Borrowers Products:

• Residential by Foundation has launched a brand-new 2-year fixed-rate mortgage specifically for professional borrowers.
• Available at both 75% and 85% loan-to-value, these mortgages offer higher income multiples for qualified professionals.
• Rates for the new 2-year fix sit at 6.44% for 75% LTV and 6.74% for 85% LTV, with a £995 fee.
• The lender has also slashed the rate on its 5-year fixed-rate Professional mortgage by up to 0.25%, meaning you can now lock in a rate of 6.14% at 75% LTV.

Tom Jacob, Director of Product and Marketing at Foundation Home Loans, expressed optimism about the UK mortgage market, stating:

“We have a very positive outlook for the UK mortgage market for the rest of the year; those advisers seeking mortgage solutions for specialist residential borrowers should contact us to see how we can help meet their needs and circumstances.”