11:07 AM, 21st September 2023, About 2 months ago
A new range of buy to let fixed-rate special deals, including a five-year product for portfolio landlords only, have been unveiled by Foundation Home Loans.
The intermediary-only specialist lender’s new products are designed to cater to the needs of different types of landlord borrowers.
That includes those with an almost clean credit history, to those financing a more specialist property or with historical issues on their credit rating.
In its F1 range, Foundation is offering a portfolio landlord-only five-year fixed-rate special, available at 5.79% (65% LTV) and 5.89% (75% LTV).
This product comes with a 5% fee, a free valuation and no application fee.
Foundation allows portfolio landlords to have an unlimited number of properties within their total portfolio and its maximum aggregate borrowing on special products is limited to £3m.
Other F1 special products – available to all landlord borrowers – include a two-year fixed-rate mortgage, available at 6.04% (65% LTV) and 6.19% (75% LTV); and five-year fixes at 6.34% (65% LTV) and 6.39% (75% LTV).
All come with a 3% fee.
In its F2 range, Foundation has launched new fixed rates for landlords financing a more specialist property and/or those with historical ‘blips’ on their credit rating. These include:
Two-year fixed-rate products, available at 6.14% (65% LTV) and 6.29% (75% LTV); and five-year fixed-rates, available at 6.44% (65% LTV) and 6.49% (75% LTV).
HMO specials – for properties up to six occupants – with the two-year fixed-rate available.
Foundation’s director of product and marketing, Tom Jacob, said: “These new specials are, with the exception of our specific five-year fix for portfolio landlords only, available to all landlord borrowers and our aim is to broaden the range of mortgage options for those who are either looking to purchase or seeking to refinance.
“There has been a considerable growth in the number of portfolio landlords in recent years, and from what we are seeing in the market, they still have a strong appetite to both grow portfolios and to explore remortgage options in order to do this.”
He adds: “This specific five-year fix for portfolio landlords also benefits from a free valuation and no application fee, cutting down significantly on the upfront costs which could be beneficial if looking to refinance multi properties.
“These new buy to let specials not only cover standard products but we are also catering for those looking at their HMO finance options.
“Overall, we believe this new range of specials will appeal to a wide landlord demographic and we urge advisers to review these options for their client base.”
Previous ArticleProperty sector reacts to Prime Minister's announcement on watering down green targets
Next ArticleRight to rent checks?