Foundation Home Loans has launched ‘Solutions by Foundation’, a new suite of specialist products.
‘Solutions by Foundation’ offers lending on a wider range of properties most notably 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 MUBs up to 10 units and has options for a no bedroom limit on HMOs.
The range will also cater for expats looking to finance a variety of property types including Holiday Lets, Short-Term Lets and HMOs.
The new ‘Solutions’ range includes products for mixed-use (part-commercial) properties, from 6.84% fixed for two years up to 70% LTV, which comes with a 2.5% fee.
Products for large HMOs with no limit on bedrooms up to 65% LTV, starting from 6.29% for a five-year fixed rate and a 2% fee. For MUBs rates start at 6.24% for a five-year fixed rate with a 2% fee.
Foundation has introduced, alongside the new product suite launch, several other changes including a widening of its ‘Early remortgage’ criteria which is now applicable across the majority of its buy-to-let and ‘Solutions’ ranges.
The lender will now consider cases where the property has been owned for less than six months.
It has also made changes to its valuation and application fees, moving the application fee to £199 and making reductions to the valuation fee scale which it believes will positively impact many customers across both its buy-to-let and owner-occupied ranges.
The lender has split its product ranges into three distinct channels: buy-to-let, owner-occupied and ‘Solutions’.The sales teams have been changed to specifically align with each of the three.
The intermediary-only specialist lender has recruited Rick Davey, who has 18 years’ experience working in the specialist buy-to-let market, as regional area manager.
Davey has been brought in to manage relationships with advisers in the North, focusing solely on the new ‘Solutions by Foundation’ brand.
Foundation Home Loans managing director commercial George Gee 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.”
