According to FHL, the updated product line, available from today, offers new 2 Year Fixed rate starting at 2.79% and a 5 Year Fixed rate starting at 3.44%. These products are available at an interest cover ratio (ICR) of 145% x pay rate for individuals and 125% x pay rate for limited companies.
Foundation Home Loans has also upgraded its HMO 5 Year Fixed rate offering which now starts from 3.54%. The rental stress calculations are the same as its other buy to let products, for example 125% x pay rate on a 5 Year Fixed Rate for a Limited Company borrower.
Foundation Home Loans is a specialist lender, available only through intermediaries, offering a range of competitive specialist mortgage products for clients with more complex needs.
Andrew Ferguson, Commercial Director at Foundation Home Loans, said: “Within the market place, we are becoming recognized for our limited company and portfolio landlord proposition and wanted to make absolutely sure the needs of our landlord clients were being met. With our limited company range offering a competitive ICR of 125%, we anticipate our products will continue to draw mass appeal.”
