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Foundation Home Loans have added a new 5-year fixed rate with no product fee, no application fee, and one free standard valuation, exclusively for portfolio landlords (those who have 4+ properties in the background).
This product complements their existing 2-year and HMO No Fee Limited Edition products, all of which benefit from:
· No product fee, no application fee, and one free standard valuation
· Are available for both purchase and remortgage
· For individuals and limited companies
· Max loan £750k, min loan of £50k
· Maximum 75% LTV
· No limit to portfolio size, subject to max borrowing of £5m with Foundation
George Gee, Commercial Director at Foundation Home Loans comments: “For portfolio landlords, being able to access highly competitive fixed rates with little to no up-front costs for both remortgages and purchases creates a great deal of opportunity, and we want to support intermediaries in offering that to their clients at this time.”
Foundation ICR is calculated using the pay rate with a 5-year fix or the notional rate of 5.5.% for shorter rates and at only 125% for Limited Companies and basic rate tax payers and 145% for all other borrowers.
Recently reduced document requirements: Landlords can take advantage of Foundation’s new streamlined document requirements when the portfolio is submitted at the outset.
‘Fee-Free’ and ‘No Fee’ in this case means no product fee, no application fee and one free valuation – however please ensure your client is aware that there are always other possible fees that will be incurred as part of a property purchase/remortgage.
