Available for landlord clients with an almost clean credit history, the new product is available up to 75% LTV and has a rate of 5.74%, with a 1.75% fee.
It is available for individual, portfolio and first-time landlords, for both purchase and remortgage activity and comes with a rental cover ratio of 125% at pay rate for limited company and basic-rate taxpayers, and 145% at pay rate for higher-rate taxpayers.
Tom Jacob, Director of Product and Marketing at Foundation Home Loans, said:
“We’re very pleased be able to launch this brand new 75% LTV Limited Edition five-year fix which comes with a highly competitive 5.74% rate, and a low fee, which should appeal to advisers and their landlord clients, whether seeking to purchase or remortgage. Our intermediary partners continue to seek a wide array of options across all different types of landlord clients, whether they are experienced portfolio players or indeed first-time investors making their first forays into property investment.
“What’s clear from the UK private rental sector is that demand continues to exceed supply by some distance, and if landlords can secure competitive mortgage finance, then they are able to offer quality properties to a growing pool of tenants, and in the process secure the yield and profit they need. At Foundation we’ll continue to explore a wide range of product options for landlords, whether for those who are close to the mainstream, those looking for more specialist finance, or those seeking to purchase or refinance more specialist property types.”
