The product is available to those in the lender’s F1 category, for those with an almost clean credit history, and is priced at 4.59 per cent. It is available up to 75 per cent loan to value (LTV) and has an interest coverage ratio (ICR) of 125 per cent at pay rate for limited company borrowers.
The maximum loan available is £1m and it is open to both limited company and individual landlord borrowers either for purchase or remortgage. It has one free standard valuation, no application fee and a product fee of two per cent.
The product was initially launched in July. The lender insisted it would look at buy-to-let applications in one day and said its time to answer calls was averaging at 30 seconds.
George Gee (pictured), managing director (commercial) at Foundation Home Loans, said: “This represents a highly competitive option for our intermediary partners, and with the free standard valuation and no application fee, is designed to offer value to a wide range of landlord clients.
“It also reaffirms our ongoing commitment to providing a range of solutions and service timings which ensure that borrowers and advisers can access the products they need, delivered in a timescale which we know is not typical in the current mortgage space.
“We are pleased to be able to support our intermediary partners with rate reductions coupled with a compelling service proposition offering clients the benefit of great products delivered in a timely fashion.”
