Foundation launches large loan product in response to market demand

The product, available to both individuals and limited companies with prior landlord experience, carries a maximum LTV of 65%.

Available from today, it offers a five year fixed rate starting at 2.99%, with an interest cover ratio of 125% times pay rate for limited companies and 145% for individuals.

Foundation Home Loans marketing director Jeff Knight told Mortgage Solutions that the launch followed feedback from brokers who saw this as an increasingly significant area of demand.

The product is available to portfolio and non-portfolio landlords.

Andrew Ferguson, commercial director at Foundation Home Loans (pictured), said: “Having listened to our broker network, we have launched a new buy to let product with the capacity to take on larger loans as requested. As with our existing products, the ICRs assigned to our new large loan product are no different.”