The change applies to most deals at 65% loan to value (LTV) and Foundation Home Loans said the change to the maximum loan size is aimed at the “growing number of portfolio landlords and specialist borrowers requiring larger loans”.
The lender has relaunched its entire BTL range with new and repriced products.
In its F1 range, which is for customers with an almost clean credit history, two-year fixed rate limited-edition deals up to 75% LTV have been cut and are priced from 5.6% with 1% fee.
Within its F2 range, for clients with more specialist property types, the firm has brought out a two-year fixed rate house in multiple occupation (HMO) limited-edition deal up to 75% LTV with a rate of 5.75% with a 1% fee.
The firm has also added a new F1 and F2 five-year fixed rate Green ABC+ deals, which are for properties with an Energy Performance Certificate (EPC) from A to C. The deals go up to 70% LTV and have no application fee and free valuations.
How to get your first-time buyer clients mortgage ready
Sponsored by Halifax Intermediaries
Select F2 deals, including expat and complex property type products, will be cut by around 0.15%.
Tom Jacob, director of product and proposition at Foundation Home Loans, said: “Our goal at Foundation is to ensure our proposition evolves in line with the needs of our intermediary partners and their landlord clients. Increasing the maximum loan size to £3m on the majority of our lower-LTV products is a direct response to broker feedback and market demand.
“Coupled with a complete refresh of our full range of buy-to-let products, today’s update reaffirms our focus on delivering flexible, competitive solutions for all types of landlords – from those purchasing in a limited company structure, to those with HMOs, specialist properties, or who live overseas.
“The breadth and depth of our product and criteria offering continues to grow, as we seek to fill the gaps that exist in the buy-to-let marketplace, and ensure advisers have access to a market-leading proposition that can help them find the right solutions for their landlord clients, each and every time.”
In January, the firm increased maximum loan sizes across select residential product tiers.
