Foundation Home Loans unveils new buy-to-let products

Essex Home Finance
Foundation Home Loans has introduced fee-assisted options for purchases as well as remortgages, two fixed-fee HMO and multi-unit blocks (MUB) deals, plus rate reductions on its 80% LTV products.
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Foundation Home Loans has introduced fee-assisted options for purchases as well as remortgages, two fixed-fee HMO and multi-unit blocks (MUB) deals, plus rate reductions on its 80% LTV products.

The fee-assisted options – which all come with a fixed £1,495 fee, one free valuation, no application fee and £250 cashback – are available to both individual and limited company landlord borrowers up to 75% LTV on a purchase or remortgage basis.

Rates include 3.39% fix for two years and 3.59% for five years to 65% LTV as well as a 3.59% fix for two years and 3.74% fix for five years to 75% LTV.

The lender is also introducing new standard HMO (up to six occupants) and large HMO/MUB five-year fixes at 75% LTV, available to limited company and individual landlords, which start at 3.79% and come with a fixed £1,495 fee.

Meanwhile, Foundation has cut rates on its two- and five-year, 80% LTV, individual and limited company buy-to-let products to 3.79% from 3.99 and 4.29% from 4.49% respectively.

ICR is calculated at 125% for limited company mortgages at pay rate for the five-year fix, and at the notional rate of 5.5% on the two-year fix.

George Gee (pictured), commercial director at Foundation Home Loans, said: “Our fee-assisted options have proved very popular amongst advisers and their landlord clients, as they allow borrowers to keep their upfront costs low and access highly-competitive pricing, whether for an individual or limited company, and whether focused on standard properties or HMOs.

“In particular, we believe these new fee-assisted products will appeal to those landlords seeking to purchase multiple properties, as we have widened their availability to both purchasers and those remortgaging. Our new HMO/MUB fee-assisted deals should also support landlords who want larger-value, higher-yielding properties without paying a percentage-fee.

“Overall, it’s clear there is a very strong ongoing demand from landlord borrowers for a specialist approach to underwriting and our commitment to keeping landlord costs low will continue as we seek to ensure Foundation’s broad buy-to-let range serves intermediaries advising in this space.”

Original Article from Best Advice 18/05/2021

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Essex Home Finance

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Address : 8 Kingsdale Business Centre, Regina Road, Chelsmford, Essex, CM1 1PE

Essex Home Finance Ltd is an Appointed Representative of Mortgage Intelligence Ltd which is authorised and regulated by the Financial Conduct Authority under number 305330 in respect of mortgage, insurance and consumer credit mediation activities only.

Registered address: 1 High Street, Chelmsford, Essex, CM1 1BE.

Registered in England & Wales under number 10607263.

Your home may be repossessed if you do not keep up repayments on your mortgage.

We do not charge for Residential First Time Buyers, Residential Home Movers, Residential Remortgage, and all Product Transfers (Residential or Buy to Let).

There will be a fee for all Buy to Let Purchase and Buy to Let Remortgage cases. Typically our fee will be £149, payable on Offer. We will agree any fees with you before we proceed with your case.

There will be a fee for all Equity Release Mortgage cases. Typically our fee will be £695, payable on Offer. We will agree any fees with you before we proceed with your case.

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