Foundation Home Loans has removed the £500 processing and administration fee for buy-to-let applications from limited companies.

The change is in recognition of the fact that more portfolio landlords are now deciding to transfer ownership to a limited company. The latest BDRC Landlords Panel survey found 22% of landlords with a portfolio of 20 properties or more had already transferred ownership to a limited company or spouse, and 27% were considering it.

Jeff Knight, marketing director at Foundation Home Loans, said: “We are constantly reviewing our proposition to ensure we keep things simple and straightforward for brokers and their clients. Removing this fee is a real benefit to the growing number of landlords who are choosing a limited company structure to expand their business.”