Buy to Let by Foundation has launched a gaggle of landlord remortgage merchandise.
The BTL arm of Foundation Home Loans says its ‘pound-for-pound’ remortgages embody new two-year fixed-rate offers for landlord debtors who don’t require any extra funds, with choices in its F1 vary – for purchasers with an almost clear credit score historical past –
It additionally has choices in its F2 vary – for purchasers with historic blips on their credit standing.
The business says because the loans are underwritten on a pound-for-pound foundation, it will possibly provide extra beneficial remortgage phrases, assessing rental cowl at 125% curiosity protection ratio ranking whatever the applicant’s taxpayer standing, with the stress charges utilized on the product’s pay price.
Its F1 two-year fixed-rate pound-for-pound remortgage product is available at 6.59%, whereas the F2 is available at 6.74% — each are available as much as 75% LTV for people and restricted firm debtors.
The minimal mortgage measurement is £50,000, the utmost mortgage measurement is £1.5m, with a 1.5% product charge.
Foundation Home Loans director of product and advertising Tom Jacob says: “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.”
