Foundation Home Loans has announced a series of rate reductions to several products across its buy-to-let (BTL) range.
The intermediary-only lender revealed the rate cuts will cover its individual and limited company fixed-rate products for both single tenancy properties, as well as HMOs and short-term lets, and will be up to 20 basis points for some products.
Foundation had introduced several BTL criteria enhancements last month – including a new ICR for basic-rate taxpayers which reduced from 145% of rental income to 125% – as well as an increase on maximum loan sizes across its entire product range. The lender added that this included products for HMOs, multi-unit blocks and short-term lets for both 65% and 75% LTV.
Foundation director of marketing, Jeff Knight, commented: “We have become well known for providing solutions for portfolio landlords, particularly those financing a property via a limited company.
“The recent changes we have made, combined with these rate changes, will make us even more appealing to intermediaries and their clients, and we have also recently increased the size of our sales team, so it means we are well placed to continue our steep growth trajectory.”
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