Foundation Home Loans has announced the launch of two new limited edition buy-to-let (BTL) products, which go live today.
The new mortgages are aimed at the specialist lender’s F1 tier clients – those with an almost clean credit history.
Both individual and limited company borrowers can access the products, for purchase and remortgage, with the option of a two-year or five-year fixed-rate, up to 75% loan-to-value.
Landlords looking to secure the two-year fix will pay a rate of 5.94% and a product fee of £1,995, while the five-year fix comes with a rate of 5.59% and a product fee of £4,995.
There is a maximum loan amount of £1.5m for each product.
Foundation’s turnaround times for DIP referral, application and underwriter review are currently averaging one day for all cases.
Foundation Home Loans managing director George Gee says: “Foundation is always looking at product options for landlord borrowers, particularly when it comes to fixed-rates where customers are able to be crystal clear on their monthly mortgage payment amounts, in this case, over a two or five-year period.”
