It is available for individual, portfolio, and first-time landlords for both purchase and remortgage
Intermediary-only specialist lender Foundation Home Loans has announced the launch of a new limited edition five-year fixed rate product under its buy-to-let brand Buy to Let by Foundation.
The product is available within the F1 tier, targeting landlord clients with an almost clean credit history. It offers up to 75% loan-to-value (LTV) with a rate of 5.74% and a 1.75% fee.
The offering is available for individual, portfolio, and first-time landlords for both purchase and remortgage. The rental cover ratio is set at 125% at pay rate for limited company and basic-rate taxpayers, and 145% at pay rate for higher-rate taxpayers.
The new product launch follows a recent refresh of Foundation’s core and special buy-to-let products, which included a 4.99% five-year fixed rate mortgage for portfolio landlords and reduced rates across both F1 and F2 fixes.
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“We’re very pleased be able to launch this brand new 75% LTV limited edition five-year fix which comes with a highly competitive 5.74% rate, and a low fee, which should appeal to advisers and their landlord clients, whether seeking to purchase or remortgage,” said Tom Jacob (pictured), director of product and marketing at Foundation Home Loans.
“Our intermediary partners continue to seek a wide array of options across all different types of landlord clients, whether they are experienced portfolio players or indeed first-time investors making their first forays into property investment.
“What’s clear from the UK private rental sector is that demand continues to exceed supply by some distance, and if landlords can secure competitive mortgage finance, then they are able to offer quality properties to a growing pool of tenants, and in the process secure the yield and profit they need. At Foundation, we’ll continue to explore a wide range of product options for landlords, whether for those who are close to the mainstream, those looking for more specialist finance, or those seeking to purchase or refinance more specialist property types.”
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