Foundation Home Loans launches portfolio product

Foundation Home Loans has launched a new portfolio landlord mortgage product.

The offering is a 75 per cent LTV five-year fix at 3.39 per cent. The product has a 1.5 per cent fee, one standard valuation, and no application fee.

In addition, the deal has no limit on portfolio size, a maximum loan value of £3m, and a bespoke stress test for the background portfolio.

The lender adds that no business plans, asset or liability statements are required.

Furthermore, the new product is available through the lender’s distributor network including all mortgage clubs, networks and key packagers.

Foundation Home Loans director of marketing Jeff Knight says: “We are seeing a strong growth in demand from portfolio landlords and this new product is designed to support their activities, whether they are looking to purchase or seeking refinance.

“Minimising upfront costs is often a priority for such clients so with this new ‘special’ we have kept those costs purposefully low, while providing payment certainty over a five-year term.”

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