According to the lender, the new product provides a fixed rate of 3.34% and is available to 65% LTV. This is on Foundation’s new Standard Plus product and has a 2% arrangement fee. The product is available to individuals and limited companies and has an interest cover ratio (ICR) of 145% x pay rate for individuals and 125% x pay rate for limited companies.
For this product, Early Redemption or Repayment Charges (ERCs) are at 5%, 4%, 3%, 2% or 1% of the loan, depending on the length of time registered.
Foundation Home Loans is a specialist lender, available only through intermediaries, offering a range of competitive specialist mortgage products for clients with more complex needs.
Andrew Ferguson, Commercial Director at Foundation Home Loans, said: “We are delighted to be offering this product via our key packager partners, who are an important part of our growth plans. This product will appeal to both portfolio and non-portfolio landlords and offers generous rental calculations.”
