Foundation and TML expand product range with new fixed rates
Foundation Home Loans and The Mortgage Lender (TML) have both launched new buy-to-let mortgage products, further expanding options for landlords navigating a competitive market.
Foundation Home Loans, under its Buy to Let by Foundation brand, has introduced a fee-assisted limited edition five-year fixed rate product.
Targeted at clients with almost clean credit histories (F1 tier), the product offers rates of 5.94% up to 75% loan-to-value (LTV) with a 1% fee. It also features incentives such as free standard valuations and no application fees, aiming to reduce upfront costs for landlords purchasing or remortgaging properties.
“Fee-assisted options often prove very popular with those landlords who want to both minimise their upfront costs and not necessarily add a significant fee amount to the overall loan,” said Tom Jacob (pictured left), director of product and marketing at Foundation Home Loans. “At the same time, with a free standard valuation and no application fee to pay, this is a very competitive total cost and one we’re sure will be popular with those landlords either seeking to purchase or remortgage at this time.”
The new product builds on Foundation’s recent limited edition launches, including a holiday let mortgage and a range of two- and five-year fixed rate specials.
Meanwhile, TML has unveiled three new fixed rate products in its buy-to-let range, catering to landlords seeking both short- and long-term solutions.
The lender’s standard range now includes two-year fixed rate products at 75% LTV, with rates of 3.94% (3% completion fee) and 4.94% (5% completion fee). Additionally, a five-year fixed rate product at 75% LTV with a 4.93% rate has been added to its multi-loan range. This product will be available exclusively through selected distributors and specialist buy-to-let brokers.
“With the increasing popularity of shorter-term fixed products, we’re pleased to be able to further support this demand with these new products,” said Steve Griffiths (pictured right), chief commercial officer at The Mortgage Lender. “We will continue to listen to brokers and their landlord customers and monitor the market to provide the best possible products to help accomplish any property goals, whether big or small.”
These product launches from Foundation and TML follow recent moves by other lenders, including Aldermore and CHL Mortgages, to launch limited edition buy-to-let ranges, highlighting intensified competition in the sector.
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