Buy to Let by Foundation has introduced a new group of products, the buy-to-let ‘pound-for-pound’ remortgage.
The new two-year fixed-rate products are for those landlord borrowers who require no additional borrowing, with options in the F1 range – for clients with an almost clean credit history – and F2 range – for clients with historical blips on their credit rating
As they are underwritten on a pound-for-pound basis, it means Buy to Let by Foundation can offer landlords more favourable remortgage terms, assessing rental cover at 125% ICR rating regardless of the applicant’s taxpayer status, with the stress rates applied at the product’s pay rate.
The F1 two-year fixed-rate pound-for-pound remortgage product is available at 6.59%, while the F2 is available at 6.74%; both are available up to 75% LTV for individuals and limited company borrowers. The minimum loan size is £50k, the maximum loan size is £1.5m, and the product fee is 1.5%.
Tom Jacob (pictured), director of product and marketing at Foundation Home Loans, said: “We’re pleased to be able to launch these two new pound-for-pound remortgage products for buy-to-let landlord borrowers who are not seeking to raise any additional borrowing. As a result, we hope to support landlords who are focused on maintaining their existing properties/portfolios by giving them additional remortgage product options with distinct criteria to consider.
“We’d urge advisers to contact us to see how we can help and support their landlord borrowers with these options, and the other core and specialist buy-to-let products we offer.”