Foundation Home Loans, the intermediary-only, specialist lender has today announced the launch of two new five-year buy-to-let fixed-rate products as well as a series of rate cuts across other products in its range.
The two new buy-to-let products include a large loan, five-year fixed rate mortgage priced at 3.34% up to 65% LTV until 31st January 2025 with a maximum loan size of £1.5m. The product comes with a 0.5% product fee and a rental income calculation of 145% at payrate for individuals and 125% at payrate for limited companies.
This product is available as part of Foundation’s Tier 1 product range, which is available to those borrowers with a near-perfect credit record, and can be accessed by limited companies, individuals, first-time landlords, non-portfolio and portfolio landlords.
There is also a further five-year fixed-rate buy-to-let mortgage available at 3.49% up to 65% LTV until the 31st January 2025 with a maximum loan size of £1m. It comes with a fixed product fee of £1,995 and a rental calculation of 145% at payrate for individuals and 125% at payrate for limited companies. Foundation also offer a 3.64% option, available up to 75% LTV with a maximum loan size of £750k.
These two products are available as part of Foundation’s Tier 2 product range, which is available to those borrowers with recent blips on their credit record or are looking to finance a more specialist property type, and can be accessed by limited companies, individuals, first-time landlords, non-portfolio and portfolio landlords.
The rest of the buy-to-let product range has also seen selected rates reduced by up to 20 basis points – all products within the buy-to-let range are available to both portfolio landlords and those purchasing/remortgage through limited companies.
Foundation’s range of buy-to-let criteria currently includes 80% LTV for those who are purchasing or refinancing through a limited company, no maximum client age, acceptance of newly-incorporated limited companies, and a maximum loan size of £1.5m.
Foundation also offers a specialist residential range offering mortgages to those clients who have been turned down by high-street lenders. In this new series of product changes it has reduced selected five-year residential mortgages by up to 30 basis points.
Foundation Home Loans distributes through mortgage intermediaries as well as its distributor network of mortgage clubs, networks and key packagers.
Jeff Knight, 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 five-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.”