Foundation Home Loans, the intermediary-only specialist lender, has today (23rd January 2024) launched a new suite of broad and specialist criteria and products for specialist BTL needs.
‘Solutions by Foundation’ offers lending on a wider range of properties, most notably mixed-use properties with combined residential and commercial elements, where the valuation and rental income from the residential part exceeds 60% of the total.
It will also provide finance on specialist multi-occupation properties including MUBs up to 10 units and has options for a no bedroom limit on HMOs.
The range will also cater for expats looking to finance a variety of property types, including holiday lets, short-term lets and HMOs.
The new ‘Solutions’ range includes products for mixed-use properties, from 6.84% fixed for two years up to 70% LTV, which comes with a 2.5% fee; and products for large HMOs with no limit on bedrooms up to 65% LTV, starting from 6.29% for a five-year fixed rate and a 2% fee.
For MUBs rates start at 6.24% for a five-year fixed rate with a 2% fee.
Foundation has also made changes to its valuation and application fees, moving the application fee to £199 and making reductions to the valuation fee scale which it believes will positively impact many customers across both its BTL and owner-occupied ranges.
George Gee, managing director for commercial at Foundation (pictured above), said: “We were keen to build on our existing reputation for broad criteria and close adviser relationships, and, with this brand-new specialist, criteria-led 'Solutions' brand, we are offering a far greater array of options to landlord and investor clients.
“By creating this third product channel and aligning our sales team with owner-occupied, BTL or ‘Solutions', we can offer a much more focused service proposition designed to support more advisers to grow their businesses by opening the doors to more borrower and property types.
“This launch marks the first steps in the development of the ‘Solutions’ brand, and the beginning of an exciting journey in evolving it to consider and include even more products and options within the BTL specialist marketplace to meet the needs of even more landlords.”
