Foundation launches two BTL products
Foundation Home Loans has launched two 5-year buy-to-let fixed-rate products available up to 65% LTV.
The products include a large loan 5-year fixed rate mortgage priced at 3.34% with a maximum loan size of £1.5m.
The other offering is a 5-year fixed at 3.49% with a maximum loan size of £1m.
Jeff Knight (pictured), director of marketing at Foundation Home Loans, said: “We hope these price changes across our buy-to-let product range will appeal to those professional and portfolio landlords who are looking to refinance or purchase and secure certainty over a five-year term.
“These new 5-year products plus rate cuts across other products in the buy-to-let range, coupled with our flexible criteria in this area, should make these highly attractive to advisers and their landlord clients.
“We continue to see strong demand, particularly with landlords utilising and using limited company structures to house their portfolios, and we are set up to support their activities and ensure advisers and clients do not have considerable administrative burdens to overcome when securing this finance.
“We would urge all advisers active in this space to contact us direct, use the services of their BDMs or their favoured distributors in order to secure access to this highly-competitive range.”
The 3.34% 5-year fix comes with a 0.5% product fee and is available as part of Foundation’s tier one product range for borrowers with a near-perfect credit record.
The other 3.49% 5-year fix comes with a fixed product fee of £1,995 and is part of part of Foundation’s tier two product range.
Tier two products are available to borrowers with recent imperfections on their credit record or those who are looking to finance a more specialist property type.
Both products can be accessed by limited companies, individuals, first-time landlords, non-portfolio and portfolio landlords.
The offerings come with a rental calculation of 145% at payrate for individuals and 125% at payrate for limited companies.
Foundation has also cut selected rates within its buy-to-let range by up to 0.2% and reduced selected 5-year residential mortgages by up to 0.3%.