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Foundation Home Loans launches new five-year BTL products

Foundation Home Loans has launched two new five-year buy-to-let fixed rate products and reduced rates across other products in its range.

Highlights include a five-year fixed rate mortgage priced at 3.34% up to 65% loan-to-value (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 deal is available as part of the specialist lender’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.

Foundation has also launched a 65% LTV five-year fix at 3.49%, subject to a £1,995 arrangement fee and a rental calculation of 145% at payrate for individuals and 125% at payrate for limited companies. The product, part of the lender’s Tier 2 range, available to borrowers with recent blips on their credit record, is offered at a maximum loan size of £1m. 

Foundation also offers a 3.64% option, available up to 75% LTV with a maximum loan size of £750,000 - also part of Foundation’s Tier 2 product range. 

Additionally, the lender has reduced rates on the 75% LTV five-year fix from 3.79% to 3.59%. This product includes a £1,995 fee and is within the lender’s Tier 1 range.

The 65% LTV two-year fix has also been cut to 3.44%, down from 3.59%, while the 65% LTV five-year fix now stands at 3.34%, down from 3.49%. 

Both offerings include a 2% and the former is within the lender’s Tier 3 range, while the latter is for HMOs and is within the Tier 2 range. 

Jeff Knight, director of marketing at Foundation Home Loans, which distributes through mortgage intermediaries as well as its distributor network of mortgage clubs, networks and key packagers, commented: “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.”

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