Foundation Home Loans has cut rates on its buy-to-let products and brought in a new five-year fixed-fee option.
The new five-year product is available at 65 per cent LTV at 3.84 per cent and 75 per cent LTV at 4.29 per cent and each command a fee of £1,995.
The lender has also cut two- and five-year rates so they start at 2.94 per cent and 3.54 per cent respectively, and brought lending up to 75 per cent LTV, which encompasses HMOs and multi-unit blocks.
As well as this, limited company borrowers and basic rate taxpayers will benefit from 125 per cent interest cover ratio.
Foundation Home Loans director of marketing Jeff Knight says: “As the market continues to change, we have taken the decision to enhance our product offering, broaden our criteria and introduce new products which we believe provide a greater degree of flexibility for landlords whose circumstances may well change over the next 12 months.
“Our variable rate products have no ERCs attached and mean that landlords will be able to remortgage with no additional costs in the future.
“Overall, these product and criteria changes represent the next step forward for Foundation in the BTL space, and we would urge advisers to speak to their regional sales contact.”
