Foundation resumes five-year deal with flexible ERCs

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  • 08/10/2020
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Foundation resumes five-year deal with flexible ERCs
Foundation Home Loans has brought back its buy-to-let five-year fixed rate deal which comes with a three-year early repayment charge (ERC).

 

The product is launched as part of Foundation’s F1 range, for borrowers with an almost clean credit history, and is offered up to 75 per cent loan to value with a rate of 3.64 per cent.

The deal comes with an income coverage ratio based on the pay rate, available at 125 per cent for limited company and basic-rate taxpayer borrowers and 145 per cent for others.

There is a maximum loan amount of £1m.

The ERCs for the first three years are five per cent/ four per cent/ three per cent and the deal comes with a two per cent product fee.

Foundation made a wide range of buy-to-let rate reductions last month, available across all product tiers and property types to individuals and limited companies.

George Gee, commercial director at Foundation Home Loans, said: “We have been running this product at various points over the last two years in response to market demand, and feedback from brokers indicates that now is the right time to offer it again as part of our product suite.”

 

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