Foundation Home Loans launches ‘Fix to Flex’ 5-year buy-to-let

Foundation Home Loans has launched a ‘Fix to Flex’ 5-year buy-to-let mortgage where early repayment charges only apply for the first three years of the mortgage.

Product are offered at 3.45% to 65% loan-to-value and 3.74% to 75% LTV with a product fee of 1.75%

The mortgage is part of Foundation’s F1 buy-to-let range, which is aimed at existing and new landlord clients with a predominantly clean credit history.

Andrew Ferguson, commercial director at Foundation Home Loans, said: “Having talked a lot to our intermediary partners, it became very clear that their landlord clients are looking for certainty in an uncertain economic environment.

“At the same time, no-one can be sure of what the mortgage market might look like in three/four/five years’ time, and many landlords would effectively like the best of both worlds.

“That means they want a highly-competitive long-term fixed rate, but they also want the opportunity to remortgage and refinance should their circumstances’, or the market, change.

“With this ‘Fix to Flex’ product we can provide just that.”

The ERCs in the first three years are 5%, 4% and 3%.

The mortgage is reminiscent of TSB’s ‘Fix and Flex’ residential mortgage, which is a 10-year fix with ERCs applying for the first five years.

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