Foundation Home Loans has unveiled a new ‘Large Loans’ product which will enable larger buy-to-let loans of up to £1.5 million.
Available to both individuals and limited companies with prior landlord experience, the product carries a maximum loan-to-value (LTV) of 65%.
The product also offers a 5-year fixed rate starting at 2.99%, with an interest cover ratio (ICR) of 125% x pay rate for limited companies and 145% for individuals.
The Large Loan product is available to portfolio and non-portfolio landlords.
“Having listened to our broker network, we have launched a new buy-to-let product with the capacity to take on larger loans as requested,” Andrew Ferguson, commercial director at Foundation Home Loans, said.
“As with our existing products, the ICRs assigned to our new Large Loan product are no different.”