Foundation Home Loans unveils new five-year BTL fixes

Foundation Home Loans has announced the launch of two new five-year buy-to-let (BTL) fixed-rate mortgages, as well as a series of rate cuts across other products in its range.

The new buy-to-let products include a large loan, five-year fixed rate mortgage priced at 3.34% up to 65% LTV until 31 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 product is available as part of Foundation’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.

The intermediary-only lender has also launched a five-year fixed-rate buy-to-let mortgage available at 3.49% up to 65% LTV until 31 January 2025, with a maximum loan size of £1m. It comes with a fixed product fee of £1,995, and a rental calculation of 145% at payrate for individuals and 125% at payrate for limited companies. Foundation also offer a 3.64% option, available up to 75% LTV, with a maximum loan size of £750,000.

These two products are available as part of Foundation’s Tier 2 product range, which is available to those borrowers with recent blips on their credit record or are looking to finance a more specialist property type, and can be accessed by limited companies, individuals, first-time landlords, non-portfolio and portfolio landlords.

The rest of the buy-to-let product range has also seen selected rates reduced by up to 20 basis points. All products within the buy-to-let range are available to both portfolio landlords and those purchasing or remortgaging through limited companies.

Foundation’s range of buy-to-let criteria currently includes 80% LTV for those who are purchasing or refinancing through a limited company, no maximum client age, acceptance of newly-incorporated limited companies, and a maximum loan size of £1.5m.

Foundation also offers a specialist residential range offering mortgages to those clients who have been turned down by high street lenders. In this new series of product changes it has reduced selected five-year residential mortgages by up to 30 basis points.

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