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Specialist lender Foundation Home Loans has launched a limited edition buy-to-let (BTL) product to give brokers and clients a sub-five per cent rate choice.
The product is part of its F1 range, which is aimed at borrowers with an almost clean credit history.
It is a five-year fixed rate up to 75 per cent loan to value (LTV), priced at 4.99 per cent with one free valuation, no application fee and a product fee of two per cent.
The maximum loan size is £1m and it is eligible for limited company or individual borrowers looking to remortgage or purchase.
The interest coverage ratio is calculated with a pay rate of 4.99 per cent and stress tested at 125 per cent for limited companies and basic rate taxpayers. It is stress tested at 145 per cent for other landlord types.
Foundation Home Loans said it could bring new products to market due to movements in swap rates and insisted it was well-placed to take applications as it had strong service levels.
The lender said it had one-day turnaround times for buy-to-let applications, which it attributed to being fully-staffed, having a strong underwriting team and structure.
George Gee (pictured), managing director for commercial at Foundation Home Loans, said: “We are pleased to be able to offer to market a competitive product to give our intermediary partners and their clients a sub-five per cent rate choice combined with a strong service offering.”
He continued that one of the key focus areas over the past year had been maintaining service levels and structuring the business so it could “operate at the highest standard”.
“We know that a one-day turnaround is far from the norm right now, and we want advisers and their clients to be aware this is available with Foundation and we have a full buy-to-let and residential product range – including this new product – that they might wish to take advantage of,” he said.
He urged advisers with suitable clients to look at its product proposition and service to help them get the finance they need in the “timescale they desire”.
“Foundation has the strongest appetite to lend and a commitment to service that should make the lives of advisers and their clients a lot easier.”
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