Specialist lender Foundation Home Loans has announced the launch of its new portfolio landlord product, featuring a 3.39 per cent five-year fix and a 1.5 per cent product fee.

The product – an extension of Foundation’s F1 core buy-to-let range – offers its 3.39 per cent rate on loans up to a 75 per cent LTV and includes one free standard valuation. As a further incentive, the lender has scrapped its £125 application fee for those looking to take out this product.

The lender has designed this product to appeal to portfolio landlord clients who want to minimise their upfront costs, especially those who are looking to make changes to multiple properties within their portfolio.

Foundation’s portfolio landlord criteria also includes; no limits to portfolio size - subject to maximum borrowing of £3m with the lender; no business plans or asset and liability statements required; and a bespoke stress test for the background portfolio.

Commenting on the product, Foundation Home Loans director of marketing Jeff Knight said: “We are seeing a strong growth in demand from portfolio landlords and this new product is designed to support their activities, whether they are looking to purchase or seeking refinance. Minimising upfront costs is often a priority for such clients so with this new ‘special’ we have kept those costs purposefully low, while providing payment certainty over a five-year term.

“For professional landlords, and their advisers, using a lender that is immersed in the sector and understands their specific – and often complex – needs is absolutely vital. This is why we have the specialist knowledge and drive to deliver what landlords need in order to help them develop and grow their portfolios.”

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