The changes include products for limited companies and individuals with prior landlord experience financing a HMO.
Foundation has confirmed that it has increased the maximum loan size from £500,000 to £750,000 at 75% LTV, and the maximum loan of £1m to 65% LTV will remain unchanged. Five-year fixed rates now start at 3.19%, are available for limited companies and individuals, and five-year fixed rate HMO products start at 3.54%.
For all five-year fixes, ICRs are calculated at pay rate.
Andrew Ferguson, commercial director at Foundation Home Loans, said: “As a growing business, we want to ensure that we offer competitive products across our distribution channels, be it mortgage clubs, packagers or networks. By increasing our maximum loan size at the upper LTV band of 75%, we will now be able to offer solutions to more landlord clients.”
