Foundation refreshes BTL range

Foundation Home Loans has announced it is fully refreshing its buy-to-let (BTL) product range.

The intermediary-only specialist lender has relaunched its entire range of BTL products with immediate effect, and includes several new products, cuts to product fees and the extension of all product end dates.

Foundation revealed that all of its two-year fixed-rate products have had their product fees halved to 1%, and that it has reduced the fee on its BTL five-year remortgage product – down to £2,495, a reduction of £500 – while the lender has also cut the fee on its five-year fixed BTL ‘ERC 3’ product down to 1%.

The lender said its new range covers all its individual and limited company products as well as its HMO range, large loan HMO and multi-unit block range and its products for short-term let properties. Foundation added the changes include a number of products for portfolio landlord borrowers requiring ‘low loans’ – with a minimum loan size of £30,000, rather than £50,000.

End dates for all products have also changed, with Foundation revealing two-year deals will be going up to the end of July 2022, and five-year deals going up to the end of July 2025.

Foundation director of marketing, Jeff Knight, said: “We are very pleased to be launching a refreshed BTL product range which we believe is a direct response to landlord demand, plus is both highly competitive on price and offers advisers and their landlord borrowers a number of criteria options, whatever the type of property they are seeking finance for.

“There has undoubtedly been a shift towards adding to portfolios in recent months, particularly by portfolio and professional landlords, and this new range recognises the specific needs of today’s landlord, whether they want to add lower-value properties or they want to access higher-yielding HMOs or multi-unit blocks.

“We believe this new range caters for all and we would urge advisers to contact Foundation to see how we can support their clients’ needs in this area.”

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