Foundation unveils new BTL changes

Foundation Home Loans has announced several changes to its buy-to-let (BTL) product range which include increases to LTV bands, rate cuts and the introduction of a new five-year ‘fixed fee’ product.

The intermediary-only lender revealed that its two-year rates now start at 2.94% and five-year deals from 3.54%. Foundation has also increased its LTVs to 75%, including for HMOs and Multi Unit Blocks. 

Furthermore, Foundation has launched a new five-year ‘fixed fee’ product for F1 borrowers, which the lender suggested will benefit borrowers looking for larger loans. This product will be offered at 3.84% up to 65% LTV or 4.29% up to 75% LTV and comes with a fixed fee of £1,995.
  
The lender has introduced several criteria changes across its BTL range including the re-introduction of a 125% ICR for limited company borrowers and basic-rate taxpayers, while it is also offering products for first-time landlords again. Fixed-rate end terms have also been changed to 31 October.

Foundation director of marketing, Jeff Knight, said: “Since returning to new lending last month, we’ve seen a growing interest from advisers and landlords as they seek to both refinance and add to their portfolios.

“As the market continues to change, we have taken the decision to enhance our product offering, broaden our criteria and introduce new products which we believe provide a greater degree of flexibility for landlords whose circumstances may well change over the next 12 months. Our variable rate products have no ERCs attached and mean that landlords will be able to remortgage with no additional costs in the future.

“Overall these product and criteria changes represent the next step forward for Foundation in the BTL space, and we would urge advisers to speak to their regional sales contact.”

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