Foundation Home Loans has announced it is returning its buy-to-let (BTL) product range to its pre-lockdown structure with the reintroduction of large loan, early remortgage and short-term let products.
The intermediary-only specialist lender revealed that it has also introduced several rate reductions of up to 40 basis points across its five-year BTL products for both individuals and limited company borrowers, with rates available from 3.29%.
The rate cuts and product returns follow last month’s new products which included a new five-year ‘fixed fee’ product, and the lender suggested these will also benefit borrowers looking for larger loans.
Foundation also introduced several criteria changes across its BTL range in June including the re-introduction of a 125% ICR for limited company borrowers and basic-rate taxpayers, while it is also offering products for first-time landlords again.
Foundation director of marketing, Jeff Knight, commented: “We’ve seen a strong demand from intermediaries who say there are many landlords who want to make the most of the opportunity, refinancing in order to fund future purchases, and looking at diversification of their portfolios.
“These products will allow them to do that, and we are particularly pleased to be back in the short-term let space as we believe there will be a growing demand to utilise these properties, particularly in the holiday sector.
“Our sales team are available to support all advisers and help them place these cases, we have a strong appetite to lend and we are very positive about the BTL market throughout the rest of 2020 and beyond.”
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