Foundation Home Loans has launched a limited-edition remortgage-only deal for residential borrowers.
Launched under its Residential by Foundation brand, sitting in the lender’s core F1 range, the remortgage deals are available up to 80% loan to value (LTV).
Borrowers choosing a two-year fixed rate will receive a rate of 5.84%. Those choosing a five-year deal can fix for 5.64%.
Each product comes with a reduced £595 product fee plus £350 cashback upon completion, in addition to a free standard valuation and no application fee.
The new products follow recent rate cuts by Residential by Foundation to other products within its F1 range, plus those for F2 borrowers – those who have recent credit blips.
Tom Jacob, director of product and marketing at Foundation Home Loans, said: “There are a significant number of existing mortgages due to mature between now and the end of the year, and advisers will be looking for options for remortgaging borrowers, especially those who may now miss out on the high street due to credit issues sustained over the term of their last mortgage.
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“This is clearly an important time for the mortgage market as we enter the final quarter of the year, with existing borrowers seeking to find the right solution on renewal, and advisers seeking to tap into a strong remortgage market that can provide them with a range of ancillary advice opportunities.”
Last month, Foundation executed its first mixed-pool mortgage-backed securitisation. The securitisation was backed by a mixed portfolio of both buy-to-let (BTL) and owner-occupied mortgages, with Foundation seeking to sell £550m of mortgage loans.
