Foundation Home Loans cuts buy-to-let 5-year fix

Foundation Home Loans has reduced its previous five-year fixed rate limited edition buy-to-let product by 0.40%, in what the lender has labelled a ‘summer special’.

Available as part of its F1 product range – for borrowers with an almost clean credit history – the five-year fix is offered up to 75% LTV with a rate of 4.59% and an ICR of 125% at pay-rate for limited companies.

The maximum loan available is £1m, and the product is available for both limited company or individual landlord borrowers looking to either remortgage or purchase. It also comes with one free standard valuation, no application fee, and a product fee of 2%.

George Gee, managing director (commercial) at Foundation Home Loans, said: “This ‘Summer Special’ represents a highly competitive option for our intermediary partners, and with the free standard valuation and no application fee, is designed to offer value to a wide range of landlord clients.

“It also reaffirms our ongoing commitment to providing a range of solutions and service timings which ensure that borrowers and advisers can access the products they need, delivered in a timescale which we know is not typical in the current mortgage space.

“We are pleased to be able to support our intermediary partners with rate reductions coupled with a compelling service proposition offering clients the benefit of great products delivered in a timely fashion.”

The lender said it’s currently taking just one day to review buy-to-let mortgage applications.

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