It provides a fixed rate of 3.34% and is available up to 65% LTV on Foundation’s new standard plus product with a 2% arrangement fee.
The five-year fixed rate product is available to individuals and limited companies and has an interest cover ratio of 145% x pay rate for individuals and 125% x pay rate for limited companies.
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Early redemption or repayment charges are between 1-5% of the loan, depending on the length of the term.
Andrew Ferguson, commercial director at Foundation Home Loans, said that it was delighted to offer this product via its key packager partners.
“This product will appeal to both portfolio and non-portfolio landlords and offers generous rental calculations.”
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