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Buy to Let by Foundation brings out limited-edition five-year fixed rate

  • 06/06/2024
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Buy to Let by Foundation brings out limited-edition five-year fixed rate
Buy to Let by Foundation has brought out a limited-edition five-year fixed rate for landlord clients with an almost clean credit history.

The buy-to-let (BTL) product will be available in its F1 tier, aimed at landlords with a nearly clean credit history. It will go up to 75% loan to value (LTV) and has a rate of 5.74%. It is subject to a 1.75% fee.

The BTL deal is available for individual, portfolio and first-time landlords for purchase and remortgage.

The product has a rental cover ratio of 125% at pay rate for limited company and basic-rate taxpayers and 145% at pay rate for higher-rate taxpayers.

Tom Jacob, director of product and marketing at Foundation Home Loans, said: “We’re very pleased [to] be able to launch this brand-new 75% LTV limited-edition five-year fix, which comes with a highly competitive 5.74% rate, and a low fee, which should appeal to advisers and their landlord clients, whether seeking to purchase or remortgage.

“Our intermediary partners continue to seek a wide array of options across all different types of landlord clients, whether they are experienced portfolio players or indeed first-time investors making their first forays into property investment.”

He continued: “What’s clear from the UK private rental sector is that demand continues to exceed supply by some distance, and if landlords can secure competitive mortgage finance, then they are able to offer quality properties to a growing pool of tenants, and in the process secure the yield and profit they need.

“At Foundation, we’ll continue to explore a wide range of product options for landlords, whether for those who are close to the mainstream, those looking for more specialist finance, or those seeking to purchase or refinance more specialist property types.”

Buy to Let by Foundation recently lowered core and specialist BTL rates by up to 0.5% and brought out a five-year fixed rate for portfolio landlords at 4.99%.

The specialist lender also added short-term and holiday deals and lowered fees across its BTL ranges.

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