Kent Reliance and Foundation refresh BTL offerings

Kent Reliance for Intermediaries and Foundation Home Loans have made changes across their BTL ranges.

Kent Reliance for Intermediaries

Kent Reliance for Intermediaries, part of OSB Group, has increased the maximum LTV limit across its BTL products.

The lender’s BTL mortgages are now available at 80% LTV, with rates starting from 2.99%

The product — which can be accessed by individual or limited company borrowers, including first-time landlords — offers loans up to £3m for single, HMO and MUB properties.

Adrian Moloney, group sales director at Kent Reliance for Intermediaries, said: “This exciting new range of products gives brokers and their clients a much wider range of options.

“The higher LTV limits on our residential mortgages are ideal for those specialist cases which require a more manual underwriting approach, while our new BTL range of products is suitable for first-time and more experienced landlords alike.”

Foundation Home Loans

Foundation Home Loans has revised prices across its BTL range and introduced a limited edition five-year fixed-rate product for portfolio landlords.

The new offering — available to individual and limited company borrowers — is part of its F1 suite and provides loans up to £750,000 and 75% LTV, at 2.99% with a 2% product fee. 

It comes with one free standard valuation and no application fee for both purchases and remortgages.

The rental cover requirement is calculated at payrate and stress tested at 125% for limited companies and basic rate taxpayers, and 145% for all others.

There is no maximum portfolio size, subject to a maximum of £5m with Foundation.

In addition, the lender has increased its maximum LTV to 80% on its F2 BTL range for clients financing a more specialist property type and/or those with some historical blips on their credit rating. 

Available again for both purchases and remortgages are three new 80% LTV products with five-year fixes at 4.29% for standard properties, 4.39% for standard HMOs, and 4.49% for large HMOs/MUBs. 

All three offerings come with a £1,495 flat fee.

The finance provider has also cut the rate on its F1 80% LTV five-year fixed-rate product by 30 percentage points, now available at 3.99% with a 2% product fee.

George Gee, commercial director at Foundation, said: “We’re aware that a large number of landlords are looking to expand their portfolios through this year and we wanted them to benefit from an excellent rate over five years, giving certainty of payment for a much longer time period, alongside a free valuation and no application fee in order to keep their costs at the outset to a minimum.”

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