Foundation launches BTL products

Jake Carter

September 30, 2021

launch products

Foundation Home Loans has launched a number of buy-to-let (BTL) limited edition products with both no-fee and flat-fee options available.

The no-fee limited edition offerings have no product or application fees and come with a free standard valuation for purchases as well as remortgages.

The 2-year product is priced at 3.24% fixed and the 5-year at 3.34% fixed, both up to 75% loan-to-value (LTV).

Additionally, the flat-fee products are available up to 65% LTV. The 2-year product is priced at 2.79% fixed and the 5-year at 2.99% fixed with a fee of £1,995.

At Foundation the interest coverage ratio (ICR) for rental cover is calculated at pay rate on 5-year fixes and the notional rate of 5.5% for 2-year products, and is stress tested at 125% for limited companies and basic-rate taxpayers or 145% for other landlord types.

George Gee, commercial director at Foundation Home Loans, said: “These new limited edition buy-to-let products are highly competitive on both rate and fees, providing an attractive overall total cost to those landlords either seeking to add to portfolios or to refinance.

“Given that we have no limit to the size of the background portfolio of the client – subject to £5m borrowing with Foundation – we believe these products offer intermediaries a good value option for their portfolio and non-portfolio landlords.

“The buy-to-let market is a key focus for Foundation and these new limited editions ensure we continue to deliver on keeping upfront costs low for borrowers, and provide highly competitive rates for landlords who want to make the most of the current market conditions and increase the size of their portfolios.”

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