FHL introduces portfolio BTL cashback product

The product is available at 70% LTV, with a 1% arrangement fee, and offers £500 cashback following the completion of the loan.

Both individuals and limited companies can access the product on a five-year, fixed rate of 3.89%, and a five-year, fixed rate of 3.99% for HMOs and MUBs.

The product has a minimum loan size of £150,000 and a maximum of £500,000.

“The wave of changes to the market have proved challenging for portfolio landlords – and nearly three-quarters have found it more difficult to secure a mortgage since the PRA changes were introduced,” said Jeff Knight, marketing director at Foundation Home Loans.

“We, therefore, wanted to step up the level of support we offer – particularly when it comes to upfront costs – to help those choosing to remortgage or extend the size of their portfolio.

“This new cashback product is the latest step in our goal of becoming the go-to lender for portfolio landlords, and we are constantly reviewing our offering to ensure we achieve this.”