Foundation Home Loans cuts rate on five-year BTL fix
28 January 2021
Foundation Home Loans, the intermediary-only specialist lender, has today (28th January 2021) cut the rate on its five-year buy-to-let fixed rate mortgage at 75% LTV.
The five-year deal, available to those landlord borrowers who just miss out on mainstream credit, has been cut by 10bps from 3.54% to 3.44% and comes with a 2% fee.
It is available to both individual landlords as well as those using limited companies, has a £1m maximum loan size and there is no limit to the borrower’s background portfolio size, subject to a maximum of £3m with Foundation.
This rate cut comes on the back of Foundation relaunching its entire buy-to-let and residential product ranges earlier in the month, with rate reductions across the board.
George Gee, Commercial Director at Foundation Home Loans, said:
“Our five-year products support landlords looking for a more generous loan for their rental income, given that our ICR is calculated at 125% at the pay rate – in this case 3.44% - for limited companies and basic-rate tax-payers, and 145% for other borrowers.
“The next couple of months also represent a real opportunity for advisers given the anticipation that a significant number of borrowers who bought before the stamp duty increase in 2016 will be coming to the end of their deals now. This five-year rate plus our entire buy-to-let range is available for those seeking to remortgage and offers excellent rates and criteria to support landlord clients as they refinance and potentially add to portfolios.”
For more information on Foundation Home Loans, please visit: www.foundationforintermediaries.co.uk
