'Solutions' range features products and criteria designed to meet specific BTL needs
Specialist lender Foundation Home Loans has launched ‘Solutions by Foundation’, a new suite of broad and specialist criteria and products tailored to meet specific buy-to-let needs, particularly focusing on multi-occupancy properties, mixed-use properties (part-commercial), and expat borrowers.
‘Solutions by Foundation’ offers lending on a wider range of properties, including mixed-use (part-commercial) properties with combined residential and commercial elements, where the valuation and rental income from the residential part exceeds 60% of the total.
It will also provide finance on specialist multi-occupation properties including multi-unit blocks (MUBs) up to 10 units and has options for a no bedroom limit on houses 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 HMOs.
“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,” stated George Gee (pictured), commercial managing director at Foundation Home Loans.
To fortify its venture into these new product areas, Foundation has welcomed Rick Davey as the new regional area manager for ‘Solutions by Foundation’. With 18 years of expertise in the specialist buy-to-let market, Rick is dedicated to managing relationships with advisers in the North, exclusively focusing on the new brand.
In tandem with this expansion, the intermediary-only lender has restructured its sales teams, delineating three distinct channels: buy-to-let, owner-occupied, and ‘Solutions’. This move aims to enhance support for advisers’ specific needs within each sector and propel technological advancements to tailor the adviser experience based on the type of business being written.
The ‘Solutions’ range introduces products for mixed-use (part-commercial) properties, starting from 6.84% fixed for two years up to 70% LTV, with a 2.5% fee. Large HMOs with no bedroom limit feature rates from 6.29% for a five-year fixed rate and a 2% fee up to 65% LTV. For MUBs, rates start at 6.24% for a five-year fixed rate with a 2% fee.
Coinciding with the launch of the new range, Foundation has implemented several changes, including an expansion of its ‘Early remortgage’ criteria, now applicable across most of its buy-to-let and ‘Solutions’ ranges. This adjustment allows consideration for cases where the property ownership is less than six months.
The lender has also revised its valuation and application fees, setting the application fee at £199 and implementing reductions to the valuation fee scale, anticipating positive impacts on a substantial number of customers across both buy-to-let and owner-occupied ranges.
George Gee added: “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.”
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