Foundation Home Loans has announced the launch of a new limited edition remortgage-only five-year fixed buy-to-let (BTL) product.

The offering is priced at 3.19% available up to 75% LTV and a maximum loan of £1m.

The intermediary-only specialist lender confirmed the fixed offering will be available to individual landlords, limited companies and portfolio landlords.

Foundation said the product was being launched to support landlords looking to secure a “highly competitive pay rate” and rental calculation for five years along with reduced upfront costs. 

“We have listened to intermediary feedback to design a product structure that meets market appetite,” commented Foundation commercial director, George Gee. “Five years ago, there was a popularity shift from two to five-year fixed rates, and we anticipate that to continue for upcoming mortgage transactions in 2021.

“Remortgage activity has been subdued during the pandemic to date but we are seeing an increasing number of landlord borrowers seeking to utilise their existing property portfolio in order to release equity to fund future purchases.

“This remortgage-only product is competitively priced particularly in the current market; coupled with a low product fee of 1%, the cashback, and Foundation’s flexible approach to underwriting, we believe this should be an excellent addition to the product choices available to advisers.”

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