25 Jan 24
A range of specialist buy to let mortgage products covering multi-occupancy properties, mixed-use or part-commercial properties, and expat investors, has been launched by Foundation Home Loans.
‘Solutions by Foundation’ claims to lend on a wider than usual range of properties such as mixed-use or part-commercial properties with combined residential and commercial elements, where the valuation and rental income from the residential part exceeds 60 per cent of the total.
Foundation will also provide finance on specialist multi-occupation properties including multi-unit blocks up to 10 units, and has no HMO bedroom limits; it will also consider holiday lets, short-term lets and HMOs.
The ‘Solutions’ range includes products for mixed-use or part-commercial properties from 6.84 per cent fixed for two years up to 70 per cent LTV with a 2.5 per cent fee, and products for large HMOs with no limit on bedrooms up to 65 per cent LTV starting from 6.29 per cent for a five-year fixed rate and a 2.0 per cent fee.
Foundation’s commercial managing director George Gee says: “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, buy to let 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 buy to let specialist marketplace to meet the needs of even more landlords.”
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