Foundation expands BTL and The Nottingham launches limited company deals – round-up

Foundation Home Loans has returned its buy-to-let range to its pre-lockdown offering and reduced rates on a number of products. 

The lender has reintroduced its large loan, early remortgage and short-term let products up to 75 per cent loan to value (LTV). 

The large loan mortgage is a five-year fixed available up to 65 per cent LTV with a rate of 3.29 per cent and the early remortgage deal is a five-year fixed, up to 75 per cent LTV with a rate of 3.65 per cent. 

The short-term let product has a two- and five-year fixed offering with rates of 3.99 per cent and 4.64 per cent respectively. Both are available up to 75 per cent LTV. 

These products have seen rate cuts of up to 0.4 per cent from what they were previously and are available to the lender’s F1 borrowers, which is aimed at those who require larger loans. 

Jeff Knight (pictured), director of marketing at Foundation Home Loans, said: “It’s fair to say that the buy-to-let market is in a different place to where it was at the start of the year, but with each week we are marking that return to a ‘new normal’ and we are offering our adviser partners access to a wide range of products for their clients. 

“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.” 

The Nottingham launches BTL limited company range 

The Nottingham for Intermediaries has released buy-to-let mortgages for clients borrowing through a limited company. 

The products are available for purchase and remortgage at 75 per cent LTV. 

This includes a two-year fixed at 3.05 per cent with a booking fee of £299 and arrangement fee of £700. The fee-free option has a rate of 3.45 per cent. The five-year fixed option has a rate of 3.75 per cent with no fee, and 3.55 per cent with a one per cent arrangement fee. 

Partnerships or LLPs will not be considered and a maximum of four directors will be accepted. 

Rental income must cover at least 125 per cent of the monthly interest payment on an interest-only basis and the mortgage payment is calculated at 5.5 per cent.