Foundation Home Loans, an intermediary-only specialist lender, has announced the launch of new Special products targeting Portfolio Landlords in its buy-to-let range.
These products, part of the lender’s F1 tier aimed at borrowers with a nearly clean credit history, are both 5-year fixed-rate mortgages.
The new products offer a rate of 5.24% at a 65% loan-to-value (LTV) ratio and 5.34% at a 75% LTV ratio, each accompanied by a 6% fee. Foundation Home Loans allows portfolio landlords to have an unlimited number of properties in their portfolios, with a cap on maximum loan exposure set at £5m. For these Special products, the maximum aggregate borrowing is limited to £3m.
This introduction of new buy-to-let Specials comes on the heels of Foundation Home Loans reducing rates at the end of November across its other Specials in both the buy-to-let and owner-occupied ranges.
Tom Jacob, director of product and marketing at Foundation Home Loans, commented on the launch: “Portfolio landlords are a key borrower demographic within buy-to-let, and much of the property supply within the private rental sector is reliant on these borrowers, their properties, and their commitment to delivering more housing.
“These new products are specifically for portfolio landlords and come with a lower rate, higher fee option, in order to help them meet affordability, and to support their purchase or refinance needs.
“The launch of these new options comes swiftly after price cuts to our other buy-to-let Specials as we continue to support advisers and their landlord clients.”
