BTL by Foundation — Foundation Home Loans’ BTL brand — has launched two new HMO options for first-time landlords.
The new products are available within the lender’s F2 range — for clients financing more specialist properties or with some historical credit blips — for HMOs with up to six occupants.
Both of them are available at 75% LTV with a 2% fee.
The two-year fix is priced from 6.84%, while the five-year fixed-rate option starts at 6.49%.
Tom Jacob, director of product and marketing at Foundation Home Loans (pictured above), said: “Historically, first-time landlords tended not to begin their property investing journey with more specialist property types — however, more recently, we have been aware of an increase in demand in this space, no doubt fuelled by a quest for greater rental yield levels, and in order to meet the healthy demand for such tenancies.
“We’re therefore very pleased to be offering these new standard HMO products specifically for first-time landlords, who can benefit from our experience in this space, plus a 75% LTV product with both competitive two- and five-year pricing.
“Clearly, HMO properties come with greater responsibilities and requirements than standard rental property types and it’s important advisers play a pivotal role with first-time landlords, helping them understand all that is involved, as well as ensuring they have the right finance solution for their purchase needs.”
