Foundation and TML update product ranges

Foundation Home Loans and The Mortgage Lender (TML) have announced new changes to their specialist finance product suites.

Foundation Home Loans

Foundation Home Loans has launched a BTL flat fee limited edition range for both individual and limited company landlords. 

The 75% LTV products — available for both purchase and remortgage — are priced at 2.94% and 3.14% for two- and five-year fixed-rate options, respectively.

Each comes with a £1,995 flat fee, with no minimum loan size.

George Gee, commercial director at Foundation Home Loans, said that the limited edition range will provide advisers with solutions to fit a number of client demographics.

“The flat fee option for landlords also means these BTL limited editions are highly competitive on total cost and will interest landlords who specifically want larger loan amounts,” he added.

“Foundation is committed to both the specialist residential and BTL market, and we want to work with advisers and their clients to find the most suitable product options in a highly competitive market.”

The Mortgage Lender

TML has cut the cost of its five-year limited-edition BTL products and added HMOs and MUBs to its limited edition proposition.

The new five-year fixed-rate product for HMO and MUFBs has an initial rate of 3.58% at 75% LTV.

Meanwhile, the five-year fixed-rate limited edition range at 75% LTV for individual and limited company applicants has been reduced to 3.2%.

The products are available to the whole of market for purchase and remortgage and offer a reduced completion fee of 1%, standard valuation charges, and a £150 application fee.

Steve Griffiths, sales and product director at TML, said: “Our limited edition BTL products are designed to make it easier for brokers and landlords to refinance and add to their portfolios. 

“Adding HMO and MUB properties to the mix gives landlords looking to purchase or remortgage those buildings access to competitive five-year rates and reduced completion fees, bringing down the overall cost of refinancing or purchasing while allowing them to leverage by borrowing up to 75% LTV.”

In July, TML added 80% LTVs and reduced its minimum loan value to £25,001 across most of its BTL range.

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