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.
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.”