Foundation Home Loans has launched three new fee-assisted five-year BTL products that will be available across both its Tier 1 and Tier 2 product ranges.
Borrowers in the Tier 1 range, for those with a near-perfect credit rating, will have access to a 3.39% five-year product. For the Tier 2 range, aimed at borrowers with recent blips on their credit record or those looking to find a more specialist property type, the intermediary-only specialist lender has launched a 3.55% deal.
Another product for borrowers in the Tier 2 range will also be available – a specific HMO product, for up to six occupants, which has been priced at 3.59%.
Foundation Home Loans director of marketing, Jeff Knight, said: “This sector is all about the provision of product options, giving landlord borrowers and their advisers a range of choices depending on their needs and circumstances.
“By launching these fee-assisted five-year products at highly competitive rates, not only are we cutting down on upfront costs, which are often important to landlords, but we are offering them rate certainty over a long period of time. In this unpredictable economy, we are certainly sensing that many borrowers want to know exactly what their mortgage payments will be over a longer-term.”
The new products are available for limited companies, as well as individual, portfolio and non-portfolio landlords. They will be on offer to borrowers seeking to purchase or remortgage.
Foundation Home Loans are also offering a remortgage-only product, with free valuation and £250 cashback available up to 65% LTV – priced at 3.5% for any landlords seeking to borrow over £750,000.
Knight continued: “These products have a free standard valuation and no application fee to pay, which coupled with the five-year offering, should prove particularly attractive whether the client is seeking to remortgage or purchase.
“Also given that we are offering different options across both our Tier 1 and 2 range, plus it’s open to all types of landlords via different vehicles, we believe these products are suitable for as wide a range of landlords as possible. We would therefore urge advisers to contact the Foundation team to see how we might support their landlord clients in what is a developing sector with growing numbers of opportunities.”
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