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Foundation Home loans have launched a new portfolio landlord special product, with minimum upfront fees and costs for the landlord to pay.
The new special product is an addition to Foundation’s F1 core buy to let range and offers a five-year fixed rate of 3.39 per cent available up to 75 per cent loan to value (LTV).
The special product comes with a 1.5 per cent product fee, one free standard valuation and there is no £125 application fee to pay.
Foundation expect the new special product to appeal to portfolio landlords who want to minimise their upfront costs, especially those who are looking to make changes to multiple properties within their portfolio.
The portfolio landlord criteria also includes: no limits to portfolio size – subject to maximum borrowing of £3 million with the lender; no business plans or asset and liability statements required; and a bespoke stress test for the background portfolio.
All Foundation Home Loans products, including the new special portfolio product, are available via its distributor network including all mortgage clubs, networks and key packagers.
Director of Marketing at Foundation Home Loans, Jeff Knight, said: ‘We are seeing a strong growth in demand from portfolio landlords and this new product is designed to support their activities, whether they are looking to purchase or seeking refinance.
‘Minimising upfront costs is often a priority for such clients so with this new ‘special’ we have kept those costs purposefully low, while providing payment certainty over a five-year term.’
He concluded: ‘For professional landlords, and their advisers, using a lender that is immersed in the sector and understands their specific – and often complex – needs is absolutely vital. This is why we have the specialist knowledge and drive to deliver what landlords need in order to help them develop and grow their portfolios.’