Foundation Home Loans has announced consumer BTL (CBTL) mortgages are now accepted as standard criteria across its ‘Buy to Let by Foundation’ and ‘Solutions by Foundation’ product ranges.
The CBTL only applies to individual applicants who are remortgaging their properties; it is not applicable to limited company or portfolio landlord applications.
The lender will consider different scenarios for consumer BTL loans, such as cases where:
• the property is inherited from a relative
• the applicant/customer moved in with a partner and wants to let out the property
• the applicant/customer moving for work, but wishes to keep and let out the property
• the applicant/customer is remortgaging their current main residence to a BTL mortgage, raising capital to purchase a new main residence
Tom Jacob, director of product and marketing at Foundation Home Loans, said: "Extending our criteria to include CBTL as standard is a highly positive step for both our business and the broader BTL market.
“This change allows us to serve the needs of 'accidental landlords' by providing them with the opportunity to secure a BTL mortgage on a property they may have inherited or previously occupied.
“It’s a significant policy shift that enables us to address the needs of a larger segment of the landlord community, further solidifying our position as an innovative, trusted and forward-thinking lender in the BTL space as we work towards meeting our ambitious lending targets for the remainder of 2024 and beyond."
