Foundation Home Loans relaunches for first-time landlords

12 June 2020 | General

Foundation Home Loans has restarted offering buy-to-let products for first-time landlords.

Two-year rates start at 2.94% and five-year deals from 3.54%, while the lender has increased LTVs to 75%, including for HMOs and Multi Unit Blocks.

Foundation has also launched a new five-year ‘fixed fee’ product for F1 borrowers, for those looking for larger loans.

The product is offered at 3.84% up to 65% LTV or 4.29% up to 75% LTV and comes with a fee of £1,995.

Jeff Knight, director of marketing at Foundation Home Loans, said: “Since returning to new lending last month, we’ve seen a growing interest from advisers and landlords as they seek to both refinance and add to their portfolios.

“As the market continues to change, we have taken the decision to enhance our product offering, broaden our criteria and introduce new products which we believe provide a greater degree of flexibility for landlords whose circumstances may well change over the next 12 months.

“Our variable rate products have no ERCs attached and mean that landlords will be able to remortgage with no additional costs in the future.

“Also, our new ‘fixed fee’ product cuts down on the overall and upfront costs for landlords and may be particularly applicable for those landlords seeking larger loans.

“We’re also very pleased to be able to introduce our 125% ICR level for limited company borrowers, plus those who are basic-rate taxpayers.”

This post has originally been featured in Property Wire.