Foundation Product update

Foundation Home Loans | Customer website

New Portfolio Lanlord ‘NO-FEE’ 5-year fix limited edition – Foundation home loans

Foundation home loans have launched a new 5-year fixed rate with no product fee, no application fee, and one fee standard valuation, exclusively for portfolio landlords (those who have 4+ properties in the background).

  • New ‘NO FEE’ F1 5-year fixed at 3.39% to 75% LTV

This product complements the existing 2-year and HMO No Fee Limited Edition products, all of which benefit from:

  • No product fee, no application fee, and one free standard valuation
  • Are available for both purchase and remortgage
  • For individuals and limited companies
  • Max loan £750K, min loan of £50K
  • No limit to portfolio size, subject to max borrowing of £5m with Foundation

George Gee, Commercial Director at Foundation Home Loans comments: “For portfolio landlords, being able to access highly competitive fixed rates with little to no up-front costs for both remortgages and purchases creates a great deal of opportunity, and we want to support intermediaries in offering that to their clients at this time.”

Foundation ICR is calculated using the pay rate with a 5-year fix or the national rate of 5.5% for shorter rates and at only 125% for Limited Companies and basic rate tax payers and 145% for all other borrowers.

Recently reduced document requirements: Landlords can take advantage of Foundation’s new streamlined document requirements when the portfolio is submitted at the outset.

‘Fee-Free’ and ‘No Fee’ in this case means no product fee, no application fee and one fee valuation – however please ensure your client is aware that there are always other possible fees that will be incurred as part of a property purchase/remortgage.

Why us Foundation for your next BTL case?

  • Individual or limited company
  • Limited companies with complex structures
  • Up to 4 directors
  • Newly incorporated limited companies acceptable
  • ICR of 125% for limited company borrowers and basic rate taxpayers and 145% for others
  • No minimum term of employment/self-employment and no minimum income
  • Up to 80% LTV on core range
  • Loans up to £2M on core range
  • no limit to portfolio size, subject to max borrowing of £5M with Foundation
  • Cater for specialist properties such as HMOs, short term lets and Multi Unit Blocks
  • HMOs range up to 8 bedrooms and MUBs up to 10 units
  • Products for first time landlords
  • Ex-pats considered for limited companies only
  • Green Mortgages available for purchase and remortgage