Foundation Home Loans has announced rate reductions on its core and limited-edition vacation rental products.
The specialist lender has cut its core two- and five-year fixed rate holiday products by 0.10%. Prices now start from 6.24% to 75% LTV for a five-year period and 6.54% to 75% LTV for a two-year period.
In addition, Foundation Home Loans’ limited five-year fixed rate holiday product has also been reduced by 0.10%, now from 5.99% to 75% LTV, and features a revised rate structure – from 2.5% to a fixed rate of £7,995 – with a minimum loan size of £250,000.
These changes are intended to appeal to brokers who work with landlords operating in higher value markets, where larger loan sizes are more common.
Principality Intermediaries have also confirmed price changes for products, which will take effect from October 17
The mortgage rate reductions include: for a two-year fixed LTV product of 65% (with a product fee of £895) by 0.04%; five-year fixed 65% LTV product (with £1395 product cost) at 0.05%; five-year fixed 75% LTV product (without product fee) reduced by 0.05%; two-year fixed 85% LTV product (without product fee) reduced by 0.06%; three-year fixed 90% LTV product reduced by 0.10% and five-year fixed 90% LTV product (without product fee) by 0.07%
For new construction, the five-year fixed LTV product shared ownership of 95% is reduced by 0.17%; and a two-year fixed 75% LTV Help to Buy (Wales) product at 0.07%.
For Joint Borrower Sole Proprietor: a five-year fixed JBSP product with an LTV of 75%, reduced by 0.04%; and a two-year fixed JBSP product with an LTV of 85% at 0.08%.
For purchase and rental, a five-year fixed LTV product of 60% (without product compensation) is reduced by 0.05%; and a five-year fixed LTV product of 70% (with a product fee of £1395), reduced by 0.12%
For holiday rentals, a two-year fixed LTV product of 60% is reduced by 0.10%; a five-year fixed LTV of 60% (without product fee) is reduced by 0.12% and a five-year fixed LTV product of 75% (without product fee) is reduced by 0.11%.