It aims to cover scenarios typical of accidental landlords
Foundation Home Loans has incorporated consumer buy-to-let (CBTL) mortgages into its standard criteria across its ‘Buy to Let by Foundation’ and ‘Solutions by Foundation’ product ranges.
The change broadens the specialist lender’s offerings to include scenarios commonly associated with accidental landlords.
The introduction of CBTL mortgages is particularly relevant for clients in situations such as inheriting a property from a relative, moving in with a partner and opting to let out their former residence, relocating for work while retaining and renting out their property, or remortgaging their current main residence to switch to a buy-to-let mortgage while raising capital to purchase a new home.
The lender stressed that CBTL criteria apply solely to individual applicants remortgaging their properties and are not applicable to limited company or portfolio landlord cases.
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“Extending our criteria to include consumer buy-to-let as standard is a highly positive step for both our business and the broader buy-to-let market,” said Tom Jacob (pictured), director of product and marketing at Foundation Home Loans. “This change allows us to serve the needs of ‘accidental landlords’ by providing them with the opportunity to secure a buy-to-let mortgage on a property they may have inherited or previously occupied.
“It’s a significant policy shift that enables us to address the needs of a larger segment of the landlord community, further solidifying our position as an innovative, trusted and forward-thinking lender in the buy-to-let space as we work towards meeting our ambitious lending targets for the remainder of 2024 and beyond.”
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