This is available in its F1 range for landlord clients with an almost clean credit history, and is open to portfolio and non-portfolio landlords.
It has a rate of 5.74% up to 75% loan to value (LTV) with a 1% fee and a free valuation.
Tom Jacob, director of product and marketing at Foundation Home Loans, said: “Last week, we launched a two-year limited-edition product for F1 borrowers, and this week we have been able to add a five-year option for those landlords looking for a longer mortgage horizon but still wanting to secure a highly competitive product.
“The product fits within our core Buy to Let by Foundation range and has been launched at the same time as our Multiple Properties One Title product suite, which is available within the Solutions by Foundation brand.”
He added: “We remain focused on ensuring advisers and their landlord clients have as wide a range of mortgage options available to them as possible, and there are specific mortgages for their individual needs, taking into account both their individual needs and circumstances, the types of properties they are seeking to finance and the rental sectors they are active in.”
CHL Mortgages cuts BTL fixed rates to as low as 3%
Specialist BTL lender CHL Mortgages has reduced rates by up to 0.37%, taking rates as low as 3%.
In its standard BTL range, two-year fixed rates start from 3% and five-year fixed rates from 4.35%.
For houses in multiple occupation (HMOs) and multi-unit freehold block (MUFB) properties, rates begin at 3.02% for two-year fixes and 4.42% for five-year fixes.
Products are available with 2%, 5% and 7% fee options and LTV bandings of 55%, 65%, 70% and 75%.
The interest coverage ratio (ICR) is calculated at pay rate for five-year fixed rates and at the higher of 5.5% or pay rate plus 2% for two-year fixed rates.
Ross Turrell, commercial director of CHL Mortgages, said: “As we move ever closer to the point at which the Bank of England will reduce the base rate, we see improvements on the forward swap curves.
“As a result, we’re pleased to be able to reduce both two-year and five-year fixed rates, which in turn will offer more choice for brokers and the landlord community.”
Interested in the BTL market? Mortgage Solutions is holding a series of BTL forum events across England and Wales in April and May. To find out more, click here: https://www.mortgagesolutions.co.uk/events/buy-let-market-forum-2/?btl2024source=pressrelease
