Foundation unveils ‘remortgage special’ after doubling portfolio and ltd co buy-to-let business
Foundation Home Loans has launched a 5-year fix ‘remortgage special’ product after significantly increasing its portfolio landlord and limited company buy-to-let business over the past 12 months.
The product, for portfolio landlords, limited companies and individuals, is available at 3.59% up to 65% LTV and 3.89% up to 75% LTV and comes with a fee of £2,995 with stepped ERCs from 5% down to 1%. It comes with a free standard valuation and £250 cashback upon completion.
Figures for May 2019 show that the lender has more than doubled its volume of limited company business, up 130% compared to May 2018, with the number of limited company applications received during last month also doubling, up 104% compared to the same month last year.
Jeff Knight, director of marketing at Foundation Home Loans, said: “Our highly-skilled underwriters have a real understanding of complex buy-to-let, and are able to help our intermediary partners with complex buy-to-let, HMOs, multi-unit blocks, limited company and portfolio landlord customers.
“We are seeing huge interest in this area of the market and will continue to develop our proposition to meet the needs of our intermediary partners and their clients in this product area.”
Foundation’s range of buy-to-let products, for those who are purchasing or refinancing through a limited company, is currently available up to 80% LTV, is offered at an ICR of 125 times the pay rate for 5-year fixed rates, has no maximum age, accepts newly-incorporated limited companies, and has a maximum loan size of £1.5m
Tony Salentino, director of specialist distributor, Complete FS, said: “Foundation has really focused its efforts over the last year on this key area of the market, and the results are there to see; we have total confidence in Foundation’s ability to service the breadth of the business we do.”