Buy to Let by Foundation launches five-year fixed rate BTL mortgage

Buy to Let by Foundation, a specialist BTL lender, has launched a new limited edition five-year fixed-rate mortgage for landlords.

The product is available for both individual and portfolio landlords with a strong credit history, offering a competitive rate of 5.74% at up to 75% loan-to-value (LTV) with a fee of 1.75%.

This new product from the BTL brand of Foundation Home Loans follows a series of recent announcements, including a 4.99% five-year fixed rate mortgage for portfolio landlords and reduced rates across their existing fixed rate products.

‘If landlords can secure competitive mortgage finance’

The firm’s director of product and marketing, Tom Jacob, said: “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.”

He adds that the new deal should appeal to advisers and landlords whether they are looking to remortgage or buy.

The lender also says it continues to offer fast turnaround times, with an average of one day for processing applications.

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