Foundation Home Loans has reported a significant increase in both portfolio landlord and limited company buy-to-let business over the past 12 months.
Figures for May 2019 show that the lender has more than doubled its volume of limited company business – up 130% – compared to May 2018, with the number of limited company applications received during last month also doubling – up 104% – compared to the same month last year.
Foundation has also launched a five-year fix ‘remortgage special’ product which is suitable for portfolio landlords, limited companies and individuals. It is available at 3.59% up to 65% LTV and 3.89% up to 75% LTV, and comes with a flat fee of £2,995 with stepped ERCs from 5% down to 1%.
The product also comes with Foundation’s free standard valuation and £250 cashback upon completion.
Foundation published research last month that showed portfolio landlords (those with four or more buy-to-let mortgaged properties) are more likely to purchase via a limited company, with almost seven in 10 of landlords with more than 11 properties in a portfolio, intending to do so in this way.
Jeff Knight, director of marketing at Foundation Home Loans, said: “Our highly-skilled underwriters have a real understanding of complex buy-to-let, and are able to help our intermediary partners with complex buy-to-let, HMOs, multi-unit blocks, limited company and portfolio landlord customers.
“We are seeing huge interest in this area of the market and will continue to develop our proposition to meet the needs of our intermediary partners and their clients in this product area.”