Foundation Home Loans, the intermediary-only specialist lender, has today launched three new fee-assisted five-year buy-to-let products available across both its Tier 1 and Tier 2 product ranges.
In its Tier 1 range – for those borrowers with a near-perfect credit record – borrowers can access a 3.39% five-year product, while in its Tier 2 range – for those borrowers with recent blips on their credit record or looking to find a more specialist property type – the lender has launched both a 3.55% deal and a specific HMO product (for up to six occupants) priced at 3.59%.
All products are available up to 75% LTV, with a maximum loan size of £750k, and are offered with one free standard valuation, no application fee to pay and a 1% product fee.
The products are available for limited companies and individual, portfolio and non-portfolio landlords, and are offered to borrowers seeking to purchase or remortgage. Foundation also offer a remortgage-only product with free valuation and £250 cashback available up to 65% LTV, at 3.5% for those landlords seeking to borrow over £750k.
Jeff Knight, Director of Marketing at Foundation Home Loans, said: “This sector is all about the provision of product options, giving landlord borrowers and their advisers a range of choices depending on their needs and circumstances.
“By launching these fee-assisted five-year products at highly competitive rates, not only are we cutting down on upfront costs, which are often important to landlords, but we are offering them rate certainty over a long period of time. In this unpredictable economy, we are certainly sensing that many borrowers want to know exactly what their mortgage payments will be over a longer-term.
“These products have a free standard valuation and no application fee to pay which, coupled with the five-year offering, should prove particularly attractive whether the client is seeking to remortgage or purchase. Also given that we are offering different options across both our Tier 1 and 2 range, plus it’s open to all types of landlords via different vehicles, we believe these products are suitable for as wide a range of landlords as possible. We would therefore urge advisers to contact the Foundation team to see how we might support their landlord clients in what is a developing sector with growing numbers of opportunities.”