Buy to Let by Foundation, the BTL brand of Foundation Home Loans, has unveiled a new group of BTL pound-for-pound remortgage products.
The new two-year fixed-rate products offer loans between £50,000 - £1.5m at up to 75% LTV with a 1.5% product fee, available for individual and limited company landlords who require no additional borrowing.
The range includes options for both the F1 range for clients with an almost clean credit history — priced at 6.59% — and the F2 range for clients with historical blips on their credit rating — priced at 6.74%.
As they are underwritten on a pound-by-pound basis, the firm can offer landlords more favourable remortgage terms, assessing rental cover at 125% ICR rating regardless of the applicant’s taxpayer status, with the stress rates applied at the product’s pay rate.
Tom Jacob, director of product and marketing at Foundation Home Loans (pictured above), said: “We’re pleased to be able to launch these two new pound-for-pound remortgage products for BTL landlord borrowers who are not seeking to raise any additional borrowing.
“As a result, we hope to support landlords who are focused on maintaining their existing properties/portfolios by giving them additional remortgage product options with distinct criteria to consider.”
