Foundation Home Loans has launched a new 5-year fixed rate deal across its buy-to-let (BTL) range, aimed primarily at portfolio and non-portfolio landlords.
Known as ‘Standard Plus’, the product will offer a competitive fixed rate of 3.54% (until July 31 2023) up to 75% loan-to-value (LTV) with a 2% arrangement fee.
The product is exclusive to portfolio and non-portfolio landlords without any adverse credit within the last six years, except in cases such as mail order, utilities and communications. It has an interest cover ratio (ICR) of 145% x pay rate for individuals and 125% x pay rate for limited companies. The early redemption charges (ERCs) are at 5%, 4%, 3%, 2% or 1% of the loan.
Andrew Ferguson, commercial director at Foundation Home Loans, commented: “We are committed to providing competitive products and service to intermediaries, designed to offer them far more choice and ease the process of working with their landlord clients.”
“With the rental assessment based on the pay rate, we are sure these new products will appeal to many portfolio and non-portfolio landlords.”