Finance

Foundation launches new Limited Edition products for portfolio landlords

Property Reporter
|
22nd July 2021
To Let 690

Intermediary-only specialist lender, Foundation Home Loans, has announced that it has launched a set of ‘No-fee’ 75% LTV two-year fixed rate Limited Edition buy-to-let products exclusively for portfolio landlords.

Both products have no product fee, no application fee and come with one free standard valuation.

According to the lender, the first no-fee two-year fixed rate is part of Foundation’s core buy-to-let F1 range and is being offered at 3.24% up to 75% LTV, with a £0 product fee and a maximum loan of £750k.

In addition, Foundation has introduced a no-fee two-year fixed rate at 3.44% up to 75% LTV, with a £0 product fee for standard HMOs (up to 6 occupants), also with a maximum loan amount of £750k.

Both products are available for purchase and remortgage purposes and are offered to either individuals or limited company borrowers. The rental cover requirement is calculated at a notional rate of 5.5%, including for HMOs and stress tested at 125% for limited companies and basic rate taxpayers, and 145% for all others.

The firm has recently increased the maximum portfolio size that a landlord can hold with them to £5m, with no limit to the background portfolio size, and has also streamlined the document requirements for the majority of portfolio applications when the portfolio is submitted at the outset.

George Gee, Commercial Director at Foundation Home Loans, said: “We are experiencing sustained activity across the buy-to-let marketplace, so these Limited Edition products provide further options for those portfolio landlords who may prefer a shorter fixed term or are looking to finance a specialist property type.

“Upfront costs can prove a real issue for some landlords who are looking to secure a competitive rate and can offer especially good value to those purchasing or remortgaging multiple properties. By introducing these ‘no-fee’ products - which include one free standard valuation, no product fee and no application fee - we are aiming to deliver a product range which offers portfolio landlords access to greater flexibility.”

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