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Flex Mortgage

Flexible mortgages help debt problems

Britons are feeling particularly positive about flexible mortgages at present, as they see them as a good way to ward off debt problems. This is ...

Foundation releases new 'Fix to Flex' BTL mortgage

Foundation Home Loans has released a new five-year buy-to-let let mortgage deal that features zero ERCs in the final two years of its term.

Billed as ‘Fix to Flex’, the mortgage is designed, Foundation says, for borrowers who seek certainty alongside a desire to move with changing market conditions.

The product is available at up to 75 per cent LTV, is fixed at 3.74 per cent and charges a product fee of 1.75 per cent. The first three years of the term carry an ERC of 5 per cent, 4 per cent, and 3 per cent.

The lender reports that cases will be underwritten as a five-year fixed rate mortgage, assessed on pay rate.

Being part of the firm’s F1 BTL range, the product is targeted at existing and new clients on an individual, limited, first-time and portfolio basis.

Foundation Home Loans commercial director Andrew Ferguson says: “This product ensures that – after three years – advisers’ clients will not have to pay an ERC should they wish to seek an exit whilst ensuring they know exactly what they’re going to be paying every month during that period.

Who should get a flex pay mortgage loan?

So my husband and I have found a home that we really love but its out of our price range at the current moment. I have a job in September on hold when I graduate from college and we will be able to afford the house then, but it will probably be gone.

Those loans are generally gone. They are certainly gone if you also don't have a down payment.

The reason they are gone is that they were too high risk for the average person to correctly handle.