Foundation Home Loans has reduced the product fees on three of its Limited Edition limited company buy-to-let products.
The three deals are as follows:
- F1 two-year fixed-rate at 2.99% and F2 HMO two-year fixed-rate at 3.34%, both up to 75% LTV, now have 0.75% product fees – formerly 1%.
- F1 five-year fixed-rate at 3.24%, up to 75% LTV, now with 1% product fees – formerly 1.5%.
These new fees represent up to 1.25 percentage points off the lender’s standard buy-to-let product fees and all three products are available for loan amounts between £200,000 and £1m.
Foundation is open to portfolio landlords and has no limit to the background portfolio size for each borrower, subject to a maximum of £3m with Foundation.
The lender uses an ICR calculation at 125% for limited company mortgages, available at pay rate for five-year fixed rates and 5.5% for the two-year fixes.
George Gee, commercial director at Foundation Home Loans, said: “Cutting the fees on the products allows us to provide an ultra-competitive limited company offering to those landlord borrowers utilising these vehicles to either purchase or remortgage.
“We’re acutely aware that landlords want to keep such costs as low as possible and coupled with the compelling rates and criteria – particularly around loan size, background portfolio and ICR – we believe we are offering an excellent range of options to these borrowers.
“We continue to look at all aspects of our proposition to ensure it is tailored to adviser and landlord client needs and would urge all those active in this sector to speak with us to see how we can support their advisory services.”