Foundation adds new limited edition products to BTL range

Foundation Home Loans has launched new limited-edition BTL products, offering loans up to £500,000.

The no-fee fixed-rate options, which have no product or application fees, come with a free standard valuation for purchases and remortgages.

The two-year product is priced at 3.24% and the five-year at 3.34%, both up to 75% LTV.

Meanwhile, the flat-fee fixed-rate products, which are available at up to 65% LTV with a £1,995 fee, are offered at 2.79% and 2.99% for two- and five-year terms, respectively.

ICR rental cover is calculated at pay rate on five-year fixes and the notional rate of 5.5% for two-year products, and is stress tested at 125% for limited companies and basic-rate taxpayers or 145% for other landlord types. 

George Gee, commercial director at Foundation Home Loans, said: “These new limited-edition BTL products are highly competitive on both rate and fees, providing an attractive overall total cost to those landlords either seeking to add to portfolios or to refinance.

“Given that we have no limit to the size of the background portfolio of the client — subject to £5m borrowing with Foundation — we believe these products offer intermediaries a good value option for their portfolio and non-portfolio landlords.

“The BTL market is a key focus for Foundation and these new limited editions ensure we continue to deliver on keeping upfront costs low for borrowers, and provide highly competitive rates for landlords who want to make the most of the current market conditions and increase the size of their portfolios.”

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