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Foundation Home Loans enhances residential range

Foundation Home Loans has introduced enhancements, including rate cuts, across its residential product range.

The lender has simplified its range by having rates with a maximum loan-to-value (LTV) of 65%, 75% and 80%.

Previously, the lowest rate of 2.79% was for a maximum LTV of 60% – now the maximum LTV is 65%.

Foundation has also increased its maximum loan size at the lower LTV level from £1.5m to £2m.

At 75% LTV, Foundation has cut all initial residential rates for both F1 and F2 borrowers, reducing its fixed rates by up to 20 basis points and discount rates by 10 basis points.

Products available include:

F1 borrowers: 3.39% 2-year fixed rate – reduced from 3.59%; 3.29% 2-year variable rate – reduced from 3.59%; 3.79% 5-year fixed rate – reduced from 3.99%.

To find out more about how we can assist you with your Residential Mortgage please click here

F2 borrowers: 3.59% 2-year fixed rate – reduced from 3.79%; 3.49% 2-year variable rate – reduced from 3.59%; 3.99% 5-year fixed rate – reduced from 4.19%.

All products have had their initial rates extended by three months – to 31 January 2023 for 2-year deals and 31 January 2026 for 5-year.

The changes follow on from last month’s introduction of 80% LTV versions of Foundation’s 2 and 5-year fixed-rates for both existing borrowers and first-time buyers, plus a new 80% two-year variable discount with no early repayment charges (ERCs).

Jeff Knight (pictured), director of marketing at Foundation Home Loans, said: “The specialist residential market is undoubtedly changing and the likelihood is advisers will be seeing a significant growth in clients who, for many reasons, miss out on the mainstream or will have accumulated credit blips, perhaps as a result of the COVID-19 lockdown.

“Our products are for those with extra-ordinary circumstances, such as multiple income sources through to credit blips.

“These changes simplify our residential range, whilst building on our residential criteria improvements to include a far wider range of complex income types and sources, and we calculate interest-only affordability on an interest-only basis.

“These changes and pricing upgrades mean that Foundation has many competitive options for specialist residential borrowers and we would urge advisers to contact their regional account managers to discuss our offering with them.”

By Jessica Bird

Source: Mortgage Introducer

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Foundation Home Loans returns range to pre-lockdown structure

Foundation Home Loans has returned its buy-to-let (BTL) product range to its pre-lockdown structure with the reintroduction of large loan, early remortgage and short-term let products.

The lender has also introduced a number of rate reductions of up to 40bps across its 5-year BTL products for both individuals and limited company borrowers, with rates now available from 3.29%.

Advisers can now access a number of returning BTL products, including: large loan mortgage – a 3.29% 5-year fixed-rate available for F1 borrowers at 65% loan-to-value (LTV); early remortgage – a 3.65% 5-year fixed-rate available for F1 borrowers with a maximum 75% LTV; short-term let mortgages – both 2-year (3.99%) and 5-year (4.64%) fixed-rates available for F1 borrowers up to a maximum of 75% LTV.

These rate cuts and product returns follow last month’s introduction of additional products, which included a 5-year fixed fee product for F1 borrowers.

To find out more about how we can assist you with your BTL Mortgage please click here

Those rates have also seen reductions and are now offered at 3.74% up to 65% LTV or 3.99% up to 75% LTV, and come with a fixed fee of £1,995.

Foundation also introduced a number of criteria changes across the buy-to-let range in June including the reintroduction of a 125% interest cover ratio (ICR) for limited company borrowers and basic-rate taxpayers, while it is also offering products for first-time landlords again.

Jeff Knight, director of marketing at Foundation Home Loans, said: “It’s fair to say that the buy-to-let market is in a different place to where it was at the start of the year, but with each week we are marking that return to a ‘new normal’ and we are offering our adviser partners access to a wide range of products for their clients.

“We’ve seen a strong demand from intermediaries who say there are many landlords who want to make the most of the opportunity, refinancing in order to fund future purchases, and looking at diversification of their portfolios.

“These products will allow them to do that, and we are particularly pleased to be back in the short-term let space as we believe there will be a growing demand to utilise these properties, particularly in the holiday sector.

“Our sales team are available to support all advisers and help them place these cases, we have a strong appetite to lend and we are very positive about the buy-to-let market throughout the rest of 2020 and beyond.”

By Jessica Bird

Source: Mortgage Introducer

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Foundation Home Loans relaunches for first-time landlords

Foundation Home Loans has restarted offering buy-to-let products for first-time landlords.

Two-year rates start at 2.94% and five-year deals from 3.54%, while the lender has increased LTVs to 75%, including for HMOs and Multi Unit Blocks.

Foundation has also launched a new five-year ‘fixed fee’ product for F1 borrowers, for those looking for larger loans.

The product is offered at 3.84% up to 65% LTV or 4.29% up to 75% LTV and comes with a fee of £1,995.

Jeff Knight, director of marketing at Foundation Home Loans, said: “Since returning to new lending last month, we’ve seen a growing interest from advisers and landlords as they seek to both refinance and add to their portfolios.

To find out more about how we can assist you with your BTL Mortgage please click here

“As the market continues to change, we have taken the decision to enhance our product offering, broaden our criteria and introduce new products which we believe provide a greater degree of flexibility for landlords whose circumstances may well change over the next 12 months.

“Our variable rate products have no ERCs attached and mean that landlords will be able to remortgage with no additional costs in the future.

“Also, our new ‘fixed fee’ product cuts down on the overall and upfront costs for landlords and may be particularly applicable for those landlords seeking larger loans.

“We’re also very pleased to be able to introduce our 125% ICR level for limited company borrowers, plus those who are basic-rate taxpayers.”

BY RYAN BEMBRIDGE

Source: Property Wire

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Foundation Home Loans returns to new lending with BTL and residential products

Intermediary-only specialist lender Foundation Home Loans has created and launched buy-to-let (BTL) and residential products, and will return to new lending following the return of its valuation partners to the market.

The products will be available to advisers and their clients from 18 May.

For BTL, all products are available to individuals and limited company borrowers, with a choice of both 2 and 5-year fixed rates in Foundation Home Loans’ F1, F2 and F3 ranges, as well as for both houses of multiple occupancy (HMOs) and large HMOs.

To find out more about how we can assist you with your BTL Mortgage please click here

The product range will also include 2-year BTL discount products which have no early repayment charges (ERCs), available for both F1 and F2 borrowers.

These rates start at 2.94% for F1 borrowers at 60% loan-to-value ratio (LTV).

Foundation Home Loans’ BTL range allows loans up to 75% LTV, has a standardised interest coverage ratio (ICR) of 145% at either 5.5% or pay rate, comes with a 2% fee and reverts to Bank Base Rate plus 4.99% at the end of special terms.

The company has also launched a specialist residential range, offering both 2-year fixed and variable rate products.

2-year rates come with no ERCs, with products up to 75% LTV.

To find out more about how we can assist you with your Residential Mortgage please click here

Jeff Knight (pictured), director of marketing at Foundation Home Loans, said: “Since lockdown was brought in, we have continued to lend by processing our existing pipeline, completing in the region of £37m of lending in April alone.

“However, once lockdown began, we took the strategic decision to only allow new applications once we knew it would be possible to instruct physical valuations again.

“Therefore, given announcements made this week, it is really pleasing to say that we can now offer our products to new applicants once again and will formally launch our full range on Monday.”

By Jessica Bird

Source: Mortgage Introducer