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

Published on

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.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Sesame lending volumes rise 32% as adviser numbers reach 760

Sesame Network reported a 32% year-on-year increase in lending volumes during the first half...

The Partnership to open Tunbridge Wells office

Property law firm The Partnership is to open an office in Tunbridge Wells as...

Property investors retain appetite for build-to-rent despite construction slowdown

More than seven in 10 professional property investors plan to invest in build-to-rent developments...

Lenvi launches loan verification tool to tackle double pledging

Lending technology provider Lenvi has launched automated verification software designed to detect double pledging...

Newcastle BS cuts residential rates and adds base rate trackers

Newcastle for Intermediaries has reduced selected residential mortgage rates by up to 0.25% and...

Latest publication

Other news

Sesame lending volumes rise 32% as adviser numbers reach 760

Sesame Network reported a 32% year-on-year increase in lending volumes during the first half...

The Partnership to open Tunbridge Wells office

Property law firm The Partnership is to open an office in Tunbridge Wells as...

Property investors retain appetite for build-to-rent despite construction slowdown

More than seven in 10 professional property investors plan to invest in build-to-rent developments...