Foundation Updates

25 February 2021

Rate reductions on residential and BTL products

We have made significant rate reductions today on our residential and buy to let products.

Our residential range is designed to meet the needs of borrowers with complex income or employment such as the recently self-employed and those looking to optimise their affordability by using up to 100% of a wide range of income types including 100% of bonus, overtime and/or commission, retirement and investment incomes.

We are cutting rates, by up to 50 basis points, on both our residential two- and five-year fixed rate mortgages.

  • Residential two-year fix at 65% LTV now at 2.89% (from 2.99%) and 75% LTV at 3.19% (from 3.29%); five-year fix at 65% LTV now 3.39% (from 3.49%) and 75% LTV at 3.54% (from 3.69%). Products come with a £995 fee.
  • Fee-assisted residential remortgages include a two-year fix at 65% LTV now 3.19% (from 3.49%) and 75% LTV at 3.39% (from 3.89%); five-year fix at 65% LTV now 3.59% (from 3.99%) and at 75% LTV 3.79% (from 4.29%). Products come with a reduced £595 fee, no application fee, a free standard valuation and £250 cashback upon completion.

We accept retained profits and one year’s accounts for the self-employed, and cater for borrowers with multiple, or unusual, income sources including the more recently self-employed, and employed clients with high commissions or bonuses.

Rates have also been cut on our two- and five-year buy to let fixed-rate mortgages; the products are designed to support landlords looking for a more generous loan for their rent, as ICR is calculated using the pay-rate on our five-year fixes, or the notional rate of 5.5% for shorter rates, and stress-tested at 125% for limited companies and basic-rate taxpayers, and 145% for others.

Selected cuts on our buy to let range include:

  • Two-year fixed rate which now starts at 2.89% up to 65% LTV (down from 3.09%)
  • Five-year fix up to 75% LTV which has been reduced to 3.34% from 3.44%
  • 80% LTV two-year fixed product which now has a sub-4% rate of 3.99% (down from 4.09%).

Additionally, the buy to let 5-year fixed rate for Large Loans over £500,000 up to 65% LTV with a 2.25% fee has been reduced by 10bps to 3.09%; and the buy to let 2- and 5-year remortgage specials with a 1% product fee have also been reduced, now starting from 3.29% and come with incentives including no application fee, a free standard valuation and £250 cashback upon completion.

To find out more, download our product guides from the document library or speak to your local sales contact to discuss a case.

For intermediaries only.

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