Buy to Let by Foundation has launched a group of landlord remortgage products.
The BTL arm of Foundation Home Loans says its ‘pound-for-pound’ remortgages include new two-year fixed-rate deals for landlord borrowers who do not require any additional funds, with options in its F1 range – for clients with an almost clean credit history –
It also has options in its F2 range – for clients with historical blips on their credit rating.
The business says as the loans are underwritten on a pound-for-pound basis, it can offer more favourable remortgage terms, assessing rental cover at 125% interest coverage ratio rating regardless of the applicant’s taxpayer status, with the stress rates applied at the product’s pay rate.
Its F1 two-year fixed-rate pound-for-pound remortgage product is available at 6.59%, while the F2 is available at 6.74% — both are available up to 75% LTV for individuals and limited company borrowers.
The minimum loan size is £50,000, the maximum loan size is £1.5m, with a 1.5% product fee.
Foundation Home Loans director of product and marketing Tom Jacob says: “We hope to support landlords who are focused on maintaining their existing properties/portfolios by giving them additional remortgage product options with distinct criteria to consider.”
