Specialist lender Buy to Let Foundation has introduced a buy-to-let “pound for pound” remortgage group of products.
The lender said the two-year fixed-rate products are for those landlord borrowers who require no additional borrowing.
These products have options across both the F1 range, for clients with an almost clean credit history, and the F2 range, for clients with historical blips on their credit rating.
Foundation Home Loans director of product and marketing, Tom Jacob, 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.”
The firm also explained that, as they are underwritten on a pound for pound basis, it means Buy-to-Let Foundation can offer landlords “more favourable remortgage terms”.
This is because the lender will assess rental cover at 125 per cent ICR rating regardless of the applicant’s taxpayer status, with the stress rates applied at the product pay rate.
The F1 two-year-fixed rate pound for pound product is available at 6.59 per cent, while the F2 product is available at 6.74 per cent.
Both are available up to 75 per cent LTV for individuals and limited company borrowers and the minimum loan size is £50,000 while the maximum loan size is £1.5mn.
Foundation’s current service levels “continue to average turnaround times of one day for DIP referral, application and underwriter review for all cases,” the lender added.
“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,” Jacob added.
tom.dunstan@ft.com
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