"We believe they will be particularly relevant for those who might ordinarily have to use costlier lending options."
- Tom Jacob, Foundation Home Loans
Foundation Home Loans has launched a new 'Extra' range of products within its F2 buy-to-let range, covering more unusual properties and borrower needs.
Foundation’s F2 buy-to-let proposition is available for both portfolio and non-portfolio landlord borrowers with some historic credit blips, and these new ‘F2 Extra’ products cover large HMO properties (nine bedrooms or more), holiday lets, large portfolios and large loans.
Following a pilot with selected buy-to-let partners and packagers, Foundation has refined the F2 Extra offering, and is now accepting applications on these products from all advisers.
Extra Large HMO fixed rates start from 7.04%, available up to 65% LTV.
Available up to 70% LTV, holiday let and large portfolio rates start from 6.94%, while large loan products start from 6.89%.
As part of this broadening of the proposition, Foundation is also no longer restricting aggregate portfolio borrowing with the lender to £5m. Existing core products can be used in a large portfolio below £5m, while the new F2 Extra products can be used for the part of the portfolio above this amount.
It means that, for a client transferring an £8m portfolio to Foundation, the first £5m can be put onto core products, and the additional £3m on F2 Extra large portfolio products.
Tom Jacob, director of product and marketing at Foundation Home Loans, said: “These new product options – now available to all advisers - plus our criteria changes for Extra portfolio and Extra large loans, allow us to broaden the buy-to-let mortgage choice to advisers and their landlord borrower clients, and are specifically designed for landlord requirements or property types beyond those catered for in the specialist market.
“We believe this opens up wider finance options in these spaces for landlords to utilise in either purchasing or remortgaging, and we believe they will be particularly relevant for those who might ordinarily have to use costlier lending options.
“As advisers will know, we take an individual approach to underwriting of more complex buy-to-let cases, and have the ability to assess the whole case on its merits, considering the landlord’s entire property portfolio as required.
“Applications received on these F2 Extra products will be managed by a dedicated team of experienced underwriters familiar with complex property types and niche areas, and we will be maintaining our strong service levels in this area.”