Foundation Home Loans amends BTL criteria
Foundation Home Loans has amended criteria within its buy-to-let mortgage product range.
Highlights include the product fees on all 2-year fixed rate products halved to 1%.
On 5-year products the lender has reduced its product fee from £2,995 to £2,495.
The lender has also cut the fee on its 5-year fixed BTL ‘ERC 3’ product to 1%.
Furthermore, an 80% LTV 5-year fix at 4.24 has been launched.
This deal is within the lender’s F1 range, for borrowers with near-perfect credit recorded, and includes a £1,995 fee.
Looking to products for portfolio landlords, the minimum loan size has been reduced from £50,000 to £30,000.
End dates on both 2-year and 5-year fixes have been extended until July 2022 and July 2025 respectively.
According to the lender, the amendments are in response to an increase in demand for 2-year rates.
Jeff Knight, director of marketing at Foundation Home Loans, said: “We are very pleased to be launching a refreshed BTL product range which we believe is a direct response to landlord demand, plus is both highly competitive on price and offers advisers and their landlord borrowers a number of criteria options, whatever the type of property they are seeking finance for.
“There has undoubtedly been a shift towards adding to portfolios in recent months, particularly by portfolio and professional landlords, and this new range recognises the specific needs of today’s landlord, whether they want to add lower-value properties or they want to access higher-yielding HMOs or multi-unit blocks.
“We believe this new range caters for all and we would urge advisers to contact Foundation to see how we can support their client’s needs in this area.”