Foundation Home Loans has added a new buy-to-let (BTL) limited edition product to its mortgage range, due to recent movements in swap rates.

The new BTL product will be available as part of its F1 product range, which is designed for borrowers with an almost clean credit history.

Offered up to 75% loan-to-value (LTV), the product comes with a fixed rate of 4.99% for five years, one free valuation, no application fee and a product fee of 2%.

With a maximum loan of £1m, the product is available for both limited company or individual borrowers looking to either remortgage or purchase. 

As a five-year fixed rate product, the interest coverage ratio is calculated using the pay rate of 4.99% and stress tested at 125% for limited companies and basic rate taxpayers and 145% for other landlord types.

Foundation Home Loans managing director for commercial George Gee says: “We are pleased to be able to offer to market a competitive product to give our intermediary partners and their clients a sub-5% rate choice combined with a strong service offering.”