Foundation Home Loans makes changes to BTL product range
Foundation home loans

Foundation Home Loans makes changes to BTL product range

Foundation Home Loans has announced several changes to its BTL product range, including increasing its LTV to 75%.

The specialist lender has also made rate cuts and introduced a five-year, fixed-fee product.

Two-year rates now start at 2.94% and five-year deals from 3.54%.

It has increased LTVs to 75%, including HMOs and MUBs. 

Its new five-year, fixed-fee product is offered at 3.84% up to 65% LTV, or 4.29% up to 75% LTV, and comes with a fixed fee of £1,995.

This particular offering is for ‘F1 borrowers’, which the lender believes will benefit those looking for larger loans.

Its variable rate products have no early repayment charges (ERCs), which may provide greater flexibility for landlords who wish to change products before the end of their special rate.

The lender has also launched a number of criteria changes across its BTL range, including the re-introduction of a 125% ICR for limited company borrowers and basic-rate taxpayers.

It is also offering products for first-time landlords again.

Fixed-rate end terms have been changed to 31st October.

Jeff Knight, director of marketing at Foundation Home Loans, said: “Since returning to new lending last month, we’ve seen a growing interest from advisers and landlords as they seek to both refinance and add to their portfolios.

“As the market continues to change, we have taken the decision to enhance our product offering, broaden our criteria, and introduce new products which we believe provide a greater degree of flexibility for landlords whose circumstances may well change over the next 12 months.

“Overall, these product and criteria changes represent the next step forward for Foundation in the BTL space, and we would urge advisers to speak to their regional sales contact.”

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