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Foundation Home Loans launches 3-year fixed rate BTL product

Foundation Home Loans has unveiled a new three-year fixed rate product within its buy-to-let range.

The limited-edition deal, available to limited companies and individuals, is designed for landlords who fit the Standard Plus criteria, by having clean credit records, or are financing a House in Multiple Occupation (HMO) or Multi Unit Block (MUB).

The product, available from 3.19% with an arrangement fee of 1%, has an interest cover ratio (ICR) of 125% x 5.5% for Limited Companies and 145% x 5.5% for Individuals. These ICRs apply to all applicant and property types, including HMOs and MUBs.

Andrew Ferguson, Commercial Director at Foundation Home Loans, a specialist lender, available only through intermediaries, said: “With ongoing uncertainty in the market and the full effect of the BTL tax changes materialising in 2021, we are confident these rates will give landlords an alternative solution to two and five-year deals, particularly as there is a real lack of three-year rates in the market.

“The products cater for all property types and have a competitive fee. We also believe that these rates will be popular amongst Limited Company clients, where we have been seeing an increase in demand.”

Rates

Product

Rate

Max LTV

Standard Plus

3.19%

3.59%

65%

75%

HMO (up to 6 bedrooms)

3.29%

3.69%

65%

75%

Large HMO (up to 8 bedrooms) and MUBs

3.39%

3.79%

65%

75%

Poll: Do you think three-year deals present a good alternative to two and five-year deals?

PLACE YOUR VOTE BELOW

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