Foundation Home Loans has launched a five-year fixed rate product exclusively through its key packager partners.
The new product being offered is available at a fixed rate of 3.34% up to 65% loan-to-value (LTV), subject to a 2% arrangement fee.
The product offered by the specialist lender, available only through intermediaries, is aimed at individuals and limited companies and has an interest cover ratio (ICR) of 145% x pay rate for individuals and 125% x pay rate for limited companies.
For this product, Early Redemption or Repayment Charges (ERCs) are at 5%, 4%, 3%, 2% or 1% of the loan, depending on the length of time registered.
Andrew Ferguson, commercial director at Foundation Home Loans, said: “We are delighted to be offering this product via our key packager partners, who are an important part of our growth plans. This product will appeal to both portfolio and non-portfolio landlords and offers generous rental calculations.”