You are here: Home - News -

Foundation launches HMO product

by:
  • 08/08/2017
  • 0
Foundation launches HMO product
Foundation Home Loans has launched a mortgage for Houses in Multiple Occupation (HMO) to reflect growing demand, it said.

The product is available at two and five year fixed rates, starting at 3.19% and 3.49% respectively, and prices are the same for limited companies and individuals. Maximum loan size is £500,000, maximum term is 30 years and there is a maximum age of 75 at end of term – though there is no maximum age for limited company applicants.

Jeff Knight (pictured), marketing director, Foundation Home Loans, said:We know that landlords with HMOs continue to achieve the highest rental yields – 1.1% above the average according to recent research by BDRC and seem to be growing in popularity. Speaking to some of our intermediary partners, they are delighted to be able to offer more choice to their clients with our new product range to help with demand.”

Last month industry experts warned councils to act with caution when imposing restrictions on the number of HMOs which can be set up in an area. Gavin Dick, local authority policy officer at the National Landlords Association said demand for HMOs was strong and if supply was restricted, rents for tenants looking for cheaper accommodation may rise.

There are 0 Comment(s)

You may also be interested in

Bridging

Keep up-to-date with all the breaking bridging and short-term lending news and analysis, from regulatory changes to product innovation and inside market knowledge. Take a look at our broker and lender case studies showing short-term finance in practice.

Commercial

Find all the news, opinion and analysis for property finance brokers specialising in commercial and semi-commercial mortgages, alternative and development finance for commercial investments in residential projects.

Second charge

Stay up-to-date with the latest news, analysis and opinion on the secured loan market as it evolves into a mainstream finance option following European regulation on 21 March 2016.

Complex buy-to-let

Whether it’s a complicated asset or a complex customer, you’ll find out all the breaking buy-to-let news in this section. From limited companies to portfolio landlords, student lets to a House in Multiple Occupation, we’ve got all bases covered with our up-to-the-minute news, analysis and opinion.

Mortgage Solutions

Find all the breaking news, analysis and industry comment on Specialist Lending Solutions' sister site, Mortgage Solutions
Read previous post:
headshot screenshot Charles McDowell
How to impress commercial finance brokers – Aldermore panel debate

Commercial finance brokers want to deal with lenders which have a deep understanding of property, understand the pressures of time...

Close