Foundation Home Loans has announced the return of its buy-to-let (BTL) five-year fixed rate product to the market.
The intermediary-only specialist lender’s product comes with three years of early repayment charges (ERCs) and is offered up to 75% LTV with a rate of 3.64%. The maximum loan amount is £1m.
Foundation said the return of the product follows the lender’s move last month to make a range of BTL rate reductions, which are available across all product tiers and property types to both individuals and limited companies.
Foundation commercial director, George Gee, said: “We have been running this product at various points over the last two years in response to market demand, and feedback from brokers indicates that now is the right time to offer it again as part of our product suite.
“With many advisory firms seeing an increase in both remortgage and purchase demand from their landlord client base, we believe it’s important to continue to provide product options that can deliver both payment certainty over a longer timeframe, but also providing an element of flexibility with the borrower able to look at their options in three years without having to pay an ERC.”
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