The new product, Standard Plus, will be aimed for a limited time primarily at portfolio and non-portfolio landlords and will offer a competitive fixed rate of at 3.54% (fixed until 31/7/2023) up to 75% LTV with a 2% Arrangement Fee.
The product is available to portfolio and non-portfolio landlords without any adverse credit within the last 6 years, except in some minor blip cases such as mail order, communications and utilities. It has an interest cover ratio (ICR) of 145% x pay rate for individuals and 125% x pay rate for limited companies. The ERCs are at 5%, 4%, 3%, 2% or 1% of the loan.
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 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.”
