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Foundation ups loan limits as Kensington raises LTVs – buy-to-let roundup

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  • 14/06/2018
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Foundation ups loan limits as Kensington raises LTVs – buy-to-let roundup
Specialist lender Foundation Home Loans has increased borrowing limits across its buy-to-let range and Kensington Mortgages has increased its buy-to-let loans to 85% loan to value (LTV).

 

Both lenders have also cut rates on many of their products.

Foundation Home Loans has increased its maximum loan size at 75% LTV to £750,000 from £500,000. The maximum loan at 65% LTV of £1m is unchanged.

Five-year fixed rates now start at 3.19%, which are available for limited companies and individuals. For its Houses in Multiple Occupation (HMO) products, five-year fixed rates start at 3.54%. For all five-year fixes, interest cover ratios (ICRs) are calculated at pay rate.

Andrew Ferguson, commercial director at Foundation Home Loans, said: “By increasing our maximum loan size at the upper LTV band of 75%, we will now be able to offer solutions to more landlord clients.”

 

Kensington LTV boost

Kensington Mortgages has updated its offering to give BTL landlords a wider range of product choices by offering deals at up to 85% LTV.

Rates have also been cut by up to 0.45%, starting from 2.69% for a two-year fixed rate at 70% LTV. The updated proposals will also include new zero completion fees and free valuations products, as well as a new one-year early repayment charge (ERC) fixed rate.

Craig McKinlay, sales & marketing director at Kensington Mortgages, said: “I’m confident that this latest enhancement to our buy-to-let range will be received positively by our intermediaries.

“What’s more, this is a continuation in a series of announcements that we at Kensington will be making to further enhance our BTL range and will be sharing over the coming weeks.”

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