Foundation Home Loans has launched a set of no-fee 75% loan-to-value (LTV) limited edition buy-to-let (BTL) products exclusively for portfolio landlords.
The products are 2-year fixed rates, with no product fee or application fee, and with one free standard valuation.
The first no-fee 2-year fixed rate is part of Foundation’s core BTL F1 range and is being offered at 3.24% up to 75% LTV, with a £0 product fee and a maximum loan of £750,000.
Foundation Home Loans acquired by Athene Holding
Foundation has also introduced a no-fee 2-year fixed rate at 3.44% up to 75% LTV, with a £0 product fee for standard houses in multiple occupation (HMOs) of up to six occupants, also with a maximum loan amount of £750,000.
Both products are available for purchase and remortgage purposes and are offered to either individuals or limited company borrowers.
The rental cover requirement is calculated at a notional rate of 5.5%, including for HMOs and stress tested at 125% for limited companies and basic rate taxpayers, and 145% for all others.
Foundation Home Loans recently increased the maximum portfolio size that a landlord can hold to £5m, with no limit to the background portfolio size, and has also streamlined the document requirements for the majority of portfolio applications when the portfolio is submitted at the outset.
George Gee, commercial director at Foundation Home Loans, said: “We are experiencing sustained activity across the buy-to-let marketplace, so these limited edition products provide further options for those portfolio landlords who may prefer a shorter fixed term or are looking to finance a specialist property type.
“Upfront costs can prove a real issue for some landlords who are looking to secure a competitive rate, and can offer especially good value to those purchasing or remortgaging multiple properties.
“By introducing these ‘no-fee’ products – which include one free standard valuation, no product fee and no application fee – we are aiming to deliver a product range which offers portfolio landlords access to greater flexibility.”