Buy to Let by Foundation’ has launched a new Limited Edition product with a five-year fixed rate.
The new product is available within the F1 tier – for landlords with a virtually clean credit history – and is available up to 75% LTV and has a rate of 5.74%, with a 1.75% fee.
It is available to individual landlords, portfolio owners and first-time landlords, for both purchase and remortgage activities, and comes with a rental coverage ratio of 125% at payroll rate for limited company and basic rate taxpayers, and 145% at payroll rate for higher rate taxpayers. assess taxpayers.
The launch of this new product follows ‘Buy to Let by Foundation”s refresh of both its Core and Special buy-to-let products at the end of last month, including the introduction of a fixed rate mortgage of 4, 99% over five years for the portfolio. landlords and reduced rates for both F1 and F2 fixes.
Tom Jacob, product and marketing director at Foundation Home Loans, said: “What is clear from the UK private rental sector is that demand continues to outstrip supply by some distance, and if landlords can secure competitive mortgage financing then they will be able to offering quality properties to a growing pool of tenants, while securing the revenue and profits they need.
“At Foundation we will continue to explore a wide range of product options for landlords, whether those close to the mainstream, those looking for more specialist financing, or those looking to purchase or refinance more specialist property types.”