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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