Foundation Home Loans launches limited edition BTL loan

Essex Home Finance
Foundation Home Loans has launched a limited edition five-year, fixed-rate buy-to-let product.
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Foundation Home Loans has launched a limited edition five-year, fixed-rate buy-to-let product for portfolio landlords.

The broker-only specialist lender says the new deal is part of its F1 range and is offered at 3.39% for five years at up to 75% loan to value, with no product or application fees.

The loan is available to individual and limited company portfolio landlords and has a maximum loan of £750,000. 

The rental cover requirement is calculated at payrate, and stress-tested at 125% for limited companies and basic rate taxpayers, and 145% for all others. 

The firm does not limit the portfolio size, subject to a maximum of £5m with the lender. 

It adds that borrowers may also be able to take advantage of the lender’s reduced document requirements when a portfolio is submitted at the outset. 

Foundation Home Loans commercial director George Gee says: “When it comes to portfolio landlords, whether they are refinancing existing properties or adding additional ones, a major consideration is keeping their upfront costs to a minimum, which is why we are offering these highly-competitive limited edition portfolio landlord products without the expense of product fees, application fees or standard valuation cost, for purchases as well as remortgages.

“Our recent research, in partnership with [data consultancy] BVA BDRC, revealed that even with the passing of the stamp duty holiday, a sizeable number of landlord borrowers still intend to add to their portfolios over the coming year, with the average number of properties they intend to buy close to two. 

“Portfolio landlord borrowers are also more inclined to use limited company vehicles, and it’s therefore important we continue to offer a range of products which cater for these needs. 

Foundation Home Loans has launched a limited edition five-year, fixed-rate buy-to-let product for portfolio landlords.

The broker-only specialist lender says the new deal is part of its F1 range and is offered at 3.39% for five years at up to 75% loan to value, with no product or application fees.

The loan is available to individual and limited company portfolio landlords and has a maximum loan of £750,000. 

“Over the past few weeks, we’ve launched a number of limited edition product specials specifically for portfolio landlords and believe this will be a key growth area for the buy-to-let sector and those advisers active in this space.”

Original Article from Mortgage Strategy 04/08/21

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Essex Home Finance

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Address : 8 Kingsdale Business Centre, Regina Road, Chelsmford, Essex, CM1 1PE

Essex Home Finance Ltd is an Appointed Representative of Mortgage Intelligence Ltd which is authorised and regulated by the Financial Conduct Authority under number 305330 in respect of mortgage, insurance and consumer credit mediation activities only.

Registered address: 1 High Street, Chelmsford, Essex, CM1 1BE.

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