Foundation Home Loans has announced a new buy-to-let product that the specialist lender boasts as having its lowest-ever fixed rate.
Coming hot on the heels of the lender’s new large loan BTL announcement, the limited edition “Summer Special” mortgage has been designed for a full spectrum of borrowers: individuals, portfolio landlords, and limited companies.
The mortgage has a two-year rate started at 2.49 per cent with an interest cover ratio of 125 per cent x 5.5 per cent for limited companies, and 145 per cent for individuals. Applicants will have to meet the “Standard Plus” criteria.
Foundation Home Loans commercial director Andrew Ferguson says: “Being able to regularly offer competitive products cements our commitment to our intermediary partners. Our new summer special product carries our lowest ever fixed rates… we believe that these offer a competitive alternative for landlord clients who prefer a shorter-term option.”