Foundation Home Loans expands BTL Prime range

Foundation Home Loans, the specialist BTL lender, has updated its current BTL Prime offerings to include 3 year and 5 year fixed products.

Related topics:  Commercial,  Commercial finance
Amy Loddington
29th June 2015
let house btl sign

The 5 year fixed rate product also uses the pay rate of 4.39% to assess rental yield rather than the notional rate.

New product details are:

- 2 year fixed rate at 3.69% (down from 3.99%). ERC 3%/2%
- Rental yield based on notional rate of 5.25%

- New 3 year fixed rate product at 3.89%. ERC 3%/2%/1%
- Rental yield based on notional rate of 5.25%

- 5 year fixed rate at 4.39%. ERC 5%/4%/3%/2%/1%
- Rental yield based on pay rate of 4.39%

- Variable rate at LIBOR +3.41%. ERC 3%/2%
- Rental yield based on notional rate of 5.25%

Business Development Director, Paul Brett, said:

“We have reduced rates on products and also introduced a new 3 and 5 year product, which our introducers had identified as an important addition we needed to make. By allowing the rental yield calculation of 4.39% rather than the notional rate, we believe this will allow more customers to benefit from our compelling lending proposition. I believe that introducers will be delighted by these changes, which will appeal to more landlords looking to lock into a longer term product.”

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