FHL and TML launch new BTL products

Foundation Home Loans (FHL) and The Mortgage Lender (TML) have made changes across their BTL ranges.

Foundation Home Loans

FHL has introduced a number of new products, including fee-assisted options for purchases and remortgages, as well as two fixed-fee HMO and MUB deals.

The fee-assisted options — which all come with a fixed £1,495 fee, one free valuation, no application cost and £250 cashback — are available to both individual and limited company landlord borrowers up to 75% LTV on a purchase or remortgage basis.

The rates for the new products available at 65% LTV are 3.39% for a two-year fixed-rate term and 3.59% for a five years.

Meanwhile, the fee-assisted options at 75% LTV are offered at 3.59% for a two-year fix and 3.74% for a five-year fix.

In addition, FHL has added new standard HMO (up to six occupants) and large HMO/MUB five-year fixed-term products at 75% LTV with rates from 3.79%.

These are also available to limited company and individual landlords and come with a fixed £1,495 fee.

On top of this, FHL has reduced rates on its two- and five-year BTL products at 80% LTV — designed for individual and limited company borrowers — to 3.79% from 3.99% and 4.29% from 4.49% respectively. 

ICR is calculated at 125% for limited company mortgages at a payrate for the five-year fix, and at the notional rate of 5.5% on the two-year fix.

George Gee, commercial director at FHL, said: “Our fee-assisted options have proved very popular among advisers and their landlord clients as they allow borrowers to keep their upfront costs low and access highly-competitive pricing, whether for an individual or limited company, and whether focused on standard properties or HMOs. 

“In particular, we believe these new fee-assisted products will appeal to those landlords seeking to purchase multiple properties, as we have widened their availability to both purchasers and those remortgaging. 

“Our new HMO/MUB fee-assisted deals should also support landlords who want larger-value, higher-yielding properties without paying a percentage fee.

“Overall, it’s clear there is a very strong ongoing demand from landlord borrowers for a specialist approach to underwriting, and our commitment to keeping landlord costs low will continue as we seek to ensure FHL’s broad BTL range serves intermediaries advising in this space.”

The Mortgage Lender

TML has unveiled a limited edition £100m tranche for its new five-year fixed-rate BTL product.

The new offering — designed for individual and limited company applicants — provides reduced rates starting at 3.56% for a mortgage at 75% LTV.

It is available to the entire market and has a lower completion fee of 1%, down from 1.5%.

“After the success of our limited edition BTL tranche at the end of last year, it’s clear brokers are looking for products that stand out from the crowd to meet the needs of their landlord clients,” said Steve Griffiths, sales director at TML.

“Developed alongside our broker partners, the latest BTL tranche has reduced fees and rates among the most competitive in the market. 

“It is also backed by our reputation for underwriting the more complex cases in the specialist lending sector.”

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