Foundation cuts rates across five-year BTL products

Foundation Home Loans has announced cuts to rates for three of its five-year buy-to-let (BTL) products, available to both limited company and individual landlord borrowers.

The intermediary-only specialist lender revealed that for landlord borrowers with an almost clean credit history, it has cut its five-year rates on its 65% LTV product to 3.24% from 3.39%, and its 75% LTV product to 3.49% from 3.59%. Foundation has also cut the rate of its large loan, five-year 65% LTV BTL product to 3.14% from 3.29%.

The lender suggested the three enhanced products were some of the most popular in its entire BTL range and would benefit landlords looking to either remortgage or add to portfolios in order to take advantage of the stamp duty holiday.

The reductions follow the lender’s return to offering 80% LTV BTL products last month, and it currently has both a 4.29% two-year fixed rate and a 4.79% five-year fixed rate available.

“Pent-up demand from landlords post-lockdown has now evolved further with their unexpected access to the stamp duty holiday, and these rate cuts should come at a very good time for advisers and their clients seeking either remortgage or purchase finance,” Foundation director of marketing, Jeff Knight, commented.

“These three specific five-year products were already some of our ‘best sellers’ and we are very pleased to be able to reduce rates further in order to support the landlord community, particularly those who utilise limited companies in order to house their portfolio properties.

“We are seeing encouraging signs from the market, and as a lender we remain committed to helping as many landlords as possible to make the most of the opportunities that are currently available.”

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