Foundation cuts BTL fees to 1%
Foundation Home Loans has re-released its buy-to-let (BTL) product range, with fees reduced by up up to 1%, and rate reductions of up to 0.25%.
The lender has halved percentage product fees to 1% on all its 2-year fixed-rate products, and reduced fees by 0.5% to 1.5% on all 5-year F1 and F2 standard property products.
As well as the fee reductions, Foundation has made a number of rate reductions by up to 0.25% for several BTL products, including its house in multiple occupation (HMO) 5-year fix at 75% loan-to-value (LTV) reduced to 3.44%.
In addition, its large HMO/multi-unit block (MUB) 5-year fix at 75% LTV has been cut to 3.54%, and its short-term let 5-year fix at 65% LTV has been reduced to 3.74%.
Foundation has also launched a new short-term let 5-year fix which comes with a flat fee of £1,495 – it has options at both 65% LTV (3.94%) and 75% LTV (4.29%).
George Gee, commercial director at Foundation Home Loans, said: “We have been able to significantly reduce the product fees across our 2 and 5-year fixed rates while maintaining, and in many cases even reducing, rates.
“This new buy-to-let product range with lower percentage product fees is designed to reduce the total cost of the loan for buy-to-let borrowers.
“Due to the popularity of flat fees across the rest of our range we’ve also introduced a 5-year fix which comes with a £1,495 fee for those purchasing or remortgaging short-term lets, again designed to keep down the overall cost of the loan.”