Wednesday, February 28, 2024
Finance

Foundation Home launches new range of specialist products

home owners

The range will also cater for expats looking to finance a variety of property types including Holiday Lets, Short-Term Lets and house in multiple occupations

Foundation Home Loans has launched ‘Solutions by Foundation’, a new range of specialist products.

‘Solutions by Foundation’ offers lending on a wider range of properties most strikingly mixed-use (part-commercial) properties with combined residential and commercial elements, where the valuation and rental income from the residential part surpasses 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 house in multiple occupation (HMOs).

The range will also cater for expats looking to finance a variety of property types including Holiday Lets, Short-Term Lets and house in multiple occupations.

The new ‘Solutions’ range includes products for mixed-use (part-commercial) properties, from 6.84% fixed for two years up to 70% loan-to-value, which comes with a 2.5% fee.

Products for large house in multiple occupations with no limit on bedrooms up to 65% loan-to-value, 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 introduced, alongside the new product suite launch, several other changes including a widening of its ‘Early remortgage’ criteria which is now applicable across the majority of its BTL and ‘Solutions’ ranges.

The lender will now consider cases where the property has been owned for less than six months.

It has also made changes to its valuation and application fees, changing 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.

The lender has split its product ranges into three distinct channels: BTL, owner-occupied and ‘Solutions’.

Foundation Home Loans managing director commercial George Gee noted: We were keen to build on our existing reputation for wide criteria and close adviser relationships, and, with this brand-new specialist, criteria-led ‘Solutions’ brand, we are offering a far greater range of options to landlord and investor clients.

He added: 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 to support more advisers to grow their businesses by opening the doors to more borrower and property types.

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