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Foundation Home Loans launches new ‘large loan’ BTL product

Foundation Home Loans has unveiled a new large loan buy-to-let product, available to both individuals and limited companies with prior landlord experience, carrying a maximum loan-to-value of 65%.

The new product, which provides loans of up to £1.5m, offers a five-year fixed rate starting at 2.99%, with an interest cover ratio (ICR) of 125% x pay rate for limited companies and 145% for individuals. 

“As with our existing products, the ICRs assigned to our new Large Loan product are no different,” said Andrew Ferguson, commercial director, Foundation Home Loans.

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Foundation Home Loans, which recently launched its residential product range in addition to its established buy-to-let proposition, is a specialist lender which is available only through intermediaries and designed for clients with more complex needs.

Ferguson commented: “Having listened to our broker network, we have launched a new buy-to-let product with the capacity to take on larger loans as requested.”

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