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Foundation cuts fees on limited company BTL

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  • 01/09/2017
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Foundation cuts fees on limited company BTL
Foundation Home Loans has removed its £500 processing and administration fee for buy-to-let (BTL) applications from limited companies.

The lender said its move was in recognition that more portfolio landlords were deciding to transfer ownership to a limited company.

It noted that according to the latest BDRC Landlords Panel survey, 22% of landlords with a portfolio of 20 properties or more had already transferred ownership to a limited company or spouse, and 27% were considering it.

Foundation Home Loans marketing director Jeff Knight said: “We are constantly reviewing our proposition to ensure we keep things simple and straightforward for brokers and their clients.

“Removing this fee is a real benefit to the growing number of landlords who are choosing a limited company structure to expand their business.”

 

Landlords reviewing

Research from the lender published earlier this week showed that as a result of the increased costs of the 3% Stamp Duty surcharge on additional properties, landlords were reviewing the size of their portfolios and hiking rents – 38% had reviewed the size of their portfolios, while 7% have actually sold off properties.

Earlier in August, it also launched its offer for houses in multiple occupancy and cut rates on its five-year buy-to-let products.

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