Buy to Let by Foundation’s two-year BTL fixed rates are for landlords who require no additional borrowing, with options available in its F1 range for clients with an almost clean credit history, and F2 range for clients with historical blips in their credit rating.
Due to its pound-for-pound basis, the lender can offer landlords “more favourable remortgage terms” and it assesses rental cover at a 125% interest coverage ratio regardless of an applicant’s taxpayer status. The stress rates applied at the product’s pay rate.
The F1 two-year BTL fixed rate is available at 6.59%, and the F2 deal is priced at 6.74%. The deals are available up to 75% loan to value (LTV) for individuals and limited company borrowers.
The minimum loan size is £50,000 and the maximum loan size is £1.5m, and the product fee is 1.5%.
Tom Jacob, director of product and marketing at Foundation Home Loans, said: “We’re pleased to be able to launch these two new pound-for-pound remortgage products for buy-to-let landlord borrowers who are not seeking to raise any additional borrowing.
“As a result, we hope to support landlords who are focused on maintaining their existing properties/portfolios by giving them additional remortgage product options with distinct criteria to consider. We’d urge advisers to contact us to see how we can help and support their landlord borrowers with these options, and the other core and specialist buy-to-let products we offer.”
