Foundation Home Loans offers new three-year buy-to-let fixes

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Foundation Home Loans has launched new three-year fixed rates in its buy-to-let range.

The limited-edition product is designed for landlords who fit the ‘Standard Plus’ criteria, by having clean credit records, or are financing a House in Multiple Occupation (HMO) or Multi Unit Block (MUB).

The products are available to Limited Companies and individuals, with the rates the same for both client types.

Rates start at 3.19% (fixed until 31/01/2022) with  an arrangement fee of 1%. The product has an interest cover ratio (ICR) of 125% x 5.5% for Limited Companies and 145% x 5.5% for individuals. These ICRs apply to all applicant and property types, including HMOs and MUBs.

Andrew Ferguson, commercial director at Foundation Home Loans, said: “With ongoing uncertainty in the market and the full effect of the buy-to-let tax changes materialising in 2021, we are confident these rates will give landlords an alternative solution to two and five-year deals, particularly as there is a real lack of three-year rates in the market.

“The products cater for all property types and have a competitive fee. We also believe that these rates will be popular amongst Limited Company clients, where we have been seeing an increase in demand.”

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