Foundation Home Loans has revealed a new buy-to-loan product allowing borrowers to access up to £1.5m.
The launch follows the intermediary-only lender’s recent increase of the maximum loan size for HMO mortgages to £1m.
New 65% LTV ‘large loan’ mortgage is available to those with previous landlord experience – individuals and limited companies. The technical details are as follows:
- Five-year fixed rate started at 2.99%;
- Interest rate cover ratio of 125% x pay rate for limited companies, 145% for individuals;
Andrew Ferguson, Foundation Home Loans commercial director, says: “Having listened to our broker network, we have launched a new buy to let product with the capacity to take on larger loans as requested. As with our existing products, the ICRs assigned to our new Large Loan product are no different.”