Foundation Home Loans has launched a summer special offer that cuts its five-year fixed-rate limited edition buy-to-let product by 40 basis points.

The broker-only specialist lender says the loan is part of its F1 product range – for borrowers with an almost clean credit history. The five-year fix, offered up to 75% loan to value, comes with a rate of 4.59% and an interest coverage ratio of 125% at pay-rate for limited companies.

The product’s maximum loan size is £1m, and is available for both limited company or individual landlord borrowers looking to remortgage, or purchase. It also comes with one free standard valuation, no application fee, and a 2% product fee.

The lender adds that the smooth running of its operations means that it currently takes one day to review buy-to-let mortgage applications, and on average answers incoming calls in 30 seconds.

Foundation Home Loans managing director, commercial, George Gee says: “This summer special represents a highly competitive option for our intermediary partners, and with the free standard valuation and no application fee, is designed to offer value to a wide range of landlord clients.

“It also reaffirms our ongoing commitment to providing a range of solutions and service timings which ensure that borrowers and advisers can access the products they need, delivered in a timescale which we know is not typical in the current mortgage space.”