Landlords

Foundation announce launch of new buy-to-let products

Property Reporter
|
15th May 2020
To Let 690

Intermediary-only specialist lender, Foundation Home Loans, has announced that it will return to new lending with the creation and launch of a new set of both buy-to-let and residential products, available to advisers and their clients from Monday 18th May.

For buy-to-let, all products are available to individuals and limited company borrowers, with a choice of both two- and five-year fixed rates in its F1, F2 and F3 ranges as well as for both HMO and Large HMO.

Its new range also consists of new two-year buy-to-let discount products which have no early repayment charges (ERCs) available for both F1 and F2 borrowers. Rates start at 2.94% for F1 borrowers at 60% LTV.

The new buy-to-let range allows loans up to 75% LTV, has a standardised ICR of 145% at either 5.5% or pay rate, comes with a 2% fee, and reverts to Bank Base Rate plus 4.99% at the end of their special terms.

Jeff Knight, Director of Marketing at Foundation Home Loans, said: “Since lockdown was brought in, we have continued to lend by processing our existing pipeline, completing in the region of £37m of lending in April alone.

“However, once lockdown began, we took the strategic decision to only allow new applications once we knew it would be possible to instruct physical valuations again. Therefore, given announcements made this week, it is really pleasing to say that we can now offer our products to new applicants once again and will formally launch our full range on Monday.”

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