The product is available for both limited company or individual borrowers
Intermediary-only specialist lender Foundation Home Loans has launched a new buy-to-let limited edition product, which will be available as part of its F1 product range, designed for borrowers with an almost clean credit history.
The new BTL product is offered up to 75% LTV and comes with a rate of 4.99% fixed for five years, one free valuation, no application fee, and a product fee of 2%.
The maximum loan is £1 million, and the product is available for both limited company or individual borrowers looking to either remortgage or purchase.
As a five-year fixed rate product, ICR is calculated using the pay rate of 4.99% and stress tested at 125% for limited companies and basic rate taxpayers, and 145% for other landlord types.
Foundation said it was able to bring new buy-to-let products to market due to recent movements in swap rates. George Gee, commercial managing director at Foundation Home Loans, said they were pleased to be able to offer a competitive product to give their intermediary partners and their clients a sub-5% rate choice with a strong service offering.
“One of our key focuses over the past year has been maintaining service levels, and structuring the business to ensure we can continue to operate at the highest standard,” Gee stated. “We know that a one-day turnaround is far from the norm right now, and we want advisers and their clients to be aware this is available with Foundation, and we have a full buy-to-let and residential product range – including this new product – that they might wish to take advantage of.
“We would therefore urge advisers with suitable clients to look at our product proposition, but also the service we can currently deliver, to ensure their clients get the finance they need in the timescale they desire.”