Foundation Home Loans has launched a new five-year fixed rate deal for a limited time only, which is aimed at primarily at portfolio and non-portfolio landlords.
The new buy-to-let product, called Standard Plus, offers a rate at 3.54%, fixed until 31 July 2023, up to 75% loan-to-value with a 2% arrangement fee.
The specialist lender is offering this new product, available only through intermediaries, with an interest cover ratio (ICR) of 145% x pay rate for individuals and 125% x pay rate for limited companies. The ERCs are at 5%, 4%, 3%, 2% or 1% of the loan.
Andrew Ferguson, commercial director at Foundation Home Loans, said: “We are committed to providing competitive products and service to intermediaries, designed to offer them far more choice and ease the process of working with their landlord clients.
“With the rental assessment based on the pay rate, we are sure these new products will appeal to many portfolio and non-portfolio landlords.”