What is the new offering about?
Foundation Home Loans, a specialist lender catering exclusively to intermediaries, has launched a new, limited edition buy-to-let product under its ‘Buy to Let by Foundation’ brand. According to a company statement, this offering will expand the core buy-to-let options available in the market.
The latest addition to the lineup is a five-year fixed-rate option, available within the ‘Buy to Let by Foundation’ F1 product tier. It is designed to cater to landlord clients with a nearly pristine credit history, and is being offered at a rate of 5.74% up to 75% Loan to Value (LTV) with a 1% fee. It will also include a complimentary valuation service.
The unveiling follows closely on the heels of the recent introduction of a two-year fixed-rate option, with a headline rate of 5.79% up to 75% LTV and a 1% fee.
Foundation Home Loans also reaffirmed its commitment to maintain efficient service levels, with an average turnaround time of just one day for Decision in Principle (DIP) referral, application processing, and underwriter review for all cases.
Tom Jacob, director of product and marketing at Foundation Home Loans, expressed enthusiasm about the announcement.
“We recently launched a two-year limited edition product for F1 borrowers, and now we have been able to add a five-year option for those landlords looking for a longer mortgage horizon but still wanting to secure a highly competitive product.”
He noted the importance of catering to the diverse needs of clients. “We remain focused on ensuring advisers and their landlord clients have as wide a range of mortgage options available to them as possible,” he said.
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