Foundation Home Loans has added short-term lets to its property plus range, as well as cutting rates and removing a minimum threshold from these products.
Foundation’s short-term let products are aimed at properties being let on a short-term basis, such as through platforms like Airbnb.
These properties will continue to be valued based on their potential BTL rental income, confirmed by the valuer.
Holiday income-only and seasonal lets will remain outside of the scope.
These short-term let products include both two- and five-year fixed rate options, available up to 75% LTV, with rates starting from 6.89%, with a 2% fee.
A minimum threshold of £100,000 for loans on the Property Plus range has also been removed along with rate cuts of up to 10bps.
The firm’s Property Plus two-year fixed-rate mortgage is now available from 6.84% with a 2% fee, with the five-year fixed-rate option available from 6.74%.
Elsewhere, the Property Plus two- and five-year fixed flex options now have rates of 6.74% and 6.59%, respectively.
Cuts have also been made for HMO properties.
Foundation’s HMO Plus is available from 6.94% and 6.84% for two-year and five-year fixed-rates, respectively.
“We’ve listened to broker feedback and seen first-hand the growing demand for more flexible solutions in the specialist BTL space,” said Tom Jacob, director of product and proposition at Foundation Home Loans (pictured above).
“Short-term lets are one of the fastest-growing property types, and by formally introducing them into our Property Plus proposition, we’re enabling brokers to serve more landlords with more relevant product options.
“Combined with rate reductions and product simplification, this refresh further strengthens our commitment to a flexible and practical buy to let proposition that reflects the real-world needs of advisers and their landlord clients today.”
