Following the announcement that Foundation Home Loans is returning to new lending, please find attached details of our new buy to let and residential products, effective from Monday 18th May 2020.
Changes are highlighted in the attachment, and note that our underlying credit criteria and valuation fees for all products are unchanged.
Please note the following key points in our new product ranges:
Buy to Let
- 2 & 5 Year Fixed Rates to 75% Loan to Value
- NEW 2 Year Discounted Rates with no ERCs
- Rates Starting from 2.94%
- 145% Interest Coverage for all applications (individual AND limited company)
- Changed LTV tiers to a max 75% Loan to Value
- All products have a 2% fee
- Max loan size now £1.5m
Residential
- 2 Year Fixed Rates
- NEW 2 Year Discounted Rates with no ERCs
- Rates Starting at 2.79%
- Max 75% Loan to Value
- All products have a £995 fee
- Max loan size now £1.5m
In addition, please note that we have changed the underlying rate for our new range from LIBOR to Bank of England Base Rate (BBR).
Our new reversion rates are therefore expressed as ‘4.99% plus BBR (currently 0.10%)’.
Note that all our variable discounts are linked to the current reversion rate of 5.09%.