Foundation Updates
Foundation Home loans launches 3 new brands with reduced rates
As of today, Tuesday 23rd January, we have announced the launch of ‘Solutions by Foundation’, a new suite of broad and specialist criteria and products for an additional layer of specialist buy-to-let needs, covering multi-occupancy properties, mixed-use property (part-commercial) and expat borrowers.
As part of this change – with the splitting of the product ranges into three distinct channels: buy-to-let, owner-occupied and ‘Solutions’ – we have changed the Sales teams to specifically align with each of the three.
In doing this, we will be able to better support advisers’ specific needs within that sector, and furthermore by driving the development of our technology in order to tailor the adviser experience to the type of business being written.
Alongside the new product suite launch, we have also introduced a number of other changes, including a widening of our ‘early remortgage’ criteria, which is now applicable across the majority of our buy-to-let and ‘Solutions’ ranges, meaning we will consider cases where the property has been owned for less than six months.
We have also made changes to our valuation and application fees, moving the application fee to £199 and making significant reductions to the valuation fee scale which we believe will positively impact a large number of customers across both its buy-to-let and owner-occupied ranges.
Solutions by Foundation: Broader specialist criteria for mixed-use and multi-occupation BTL properties and UK Ex-pats
- UK Expat products from 6.29% fixed for 5 years up to 75% LTV
- Large HMO rates starting at 6.29% fixed for 2 and 5 years up to 75% LTV
- Multi-unit blocks from 6.24% fixed for 2 and 5 years up to 75% LTV
- Mixed Use property products from 6.84% fixed for 2 and 5 years up to 70% LTV
Buy to Let by Foundation: Specialist criteria for limited companies, portfolio landlords, Short term and Holiday lets
- Rate reductions by up to 0.75% across the core range
- F1 – F3 now starting from 5.74% fixed for 2 and 5 years
- Buy to Let Special products starting from 4.79% 5 year fixed for portfolio landlords
- Early re-mortgaging available across the buy to let product range (excluding Special products)
- Holiday Lets now available as part of the standard Buy to Let range
Residential by Foundation: Manual underwriting for complex residential cases
- Rate reductions by up to 0.90% across the core range, now starting from 5.79% fixed for 2 years
- Reduced fees for Green products now at £595 and Professionals products now at £995
George Gee, Managing Director (Commercial) at Foundation Home Loans, said:
“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.”
See our new product guides here
FOR INTERMEDIARIES ONLY
