Mortgages

FHL resumes new residential and buy-to-let lending

The lender is launching a new set of buy-to-let and residential products, available from Monday 18th May.

Rozi Jones
|
14th May 2020
Jeff Knight
"Given announcements made this week, it is really pleasing to say that we can now offer our products to new applicants once again"

Foundation Home Loans has announced that it is resuming new lending activity following the return of its valuation partners to the market.

The lender is launching a new set of buy-to-let and residential products, available from Monday 18th May.

All buy-to-let products are available to individuals and limited company borrowers, with a choice of both two and five-year fixed rates in its F1, F2 and F3 ranges as well as for both HMO and large HMO.

Its new range also consists of new two-year buy-to-let discount products which have no early repayment charges, available for both F1 and F2 borrowers. Rates start at 2.94% for F1 borrowers at 60% LTV.

The new buy-to-let range allows loans up to 75% LTV, has a standardised ICR of 145% at either 5.5% or pay rate, comes with a 2% fee, and reverts to Bank Base Rate plus 4.99% at the end of their special terms.

Foundation has also launched a new specialist residential range offering both two-year fixed and variable-rate products for F1, F2 and F3 borrowers. Again, the two-year variable rates come with no ERCs, with products up to 75% LTV.

Jeff Knight, director of marketing at Foundation Home Loans, said: “Since lockdown was brought in, we have continued to lend by processing our existing pipeline, completing in the region of £37m of lending in April alone.

“However, once lockdown began, we took the strategic decision to only allow new applications once we knew it would be possible to instruct physical valuations again. Therefore, given announcements made this week, it is really pleasing to say that we can now offer our products to new applicants once again and will formally launch our full range on Monday.”

 

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