Foundation Updates
New! – £4£ remortgage BTL products
As of today, Thursday 18th April, we have launched a brand-new group of products – The Buy to Let ‘pound-for-pound’ (£4£) remortgage.
These new products appeal to higher rate tax-paying landlords who are looking for 2-year fixed rates, who can now remortgage on more favourable terms without being subject to higher ICR cover, or the stress rates typically required of sub 5-year fixed rates.
Key Points:
- Remortgages with no additional borrowing can now be considered on £4£ underwriting
- Assessed at 125% ICR regardless of applicant low/high tax payer status
- Stress rate applied is the product Pay Rate – regardless of length of fixed period
- Specific range of products
New £4£ Limited Edition products:
- F1 and F2 credit criteria
- For individuals and limited companies
- F1 6.59% fixed for 2 years
- F2 6.74% fixed for 2 years
- Products available up to 75% LTV
- Minimum loan size: £50,000
- Maximum loan size: £1.5m
- Product fee - 1.5%
Tom Jacob, Director of Product and Marketing at Foundation Home Loans, said:
“We’re pleased to be able to launch these two new £4£ 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. 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.”
FOR INTERMEDIARIES ONLY
