Foundation Home Loans unveils new 3 year fixed rate on its BTL range
Foundation Home Loans has today launched new 3 Year Fixed Rates within its Buy to Let range.
The limited-edition product is designed for landlords who fit the Standard Plus criteria, by having clean credit records, or are financing a House in Multiple Occupation (HMO) or Multi Unit Block (MUB).
The products are available to Limited Companies and Individuals, with the rates the same for both client types.
Rates start at 3.19% (fixed until 31/01/2022) with Arrangement Fee of just 1%. The product has an interest cover ratio (ICR) of 125% x 5.5% for Limited Companies and 145% x 5.5% for Individuals. These ICRs apply to all applicant and property types, including HMOs and MUBs.
Foundation Home Loans is a specialist lender, available only through intermediaries, offering a range of competitive specialist mortgage products.
Andrew Ferguson, Commercial Director at Foundation Home Loans, said:
“With ongoing uncertainty in the market and the full effect of the BTL tax changes materialising in 2021, we are confident these rates will give landlords an alternative solution to 2 and 5-year deals, particularly as there is a real lack of 3-year rates in the market. The products cater for all property types and have a competitive fee. We also believe that these rates will be popular amongst Limited Company clients, where we have been seeing an increase in demand.”