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Foundation, Monmouthshire BS and Furness update product ranges – roundup

  • 16/11/2018
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Foundation, Monmouthshire BS and Furness update product ranges – roundup
Foundation Home Loans, Monmouthshire BS and Furness for Intermediaries have updated their mortgage product ranges.


Foundation Home Loans has launched three-year fixed rates within its buy-to-let range.

The limited-edition product is designed for landlords who fit the Standard Plus criteria, by having clean credit records, or are financing a House in Multiple Occupation (HMO) or Multi Unit Block (MUB).

The products are available to limited companies and individuals, with the rates the same for both client types.

Rates start at 3.19% with an arrangement fee of one per cent. The product has an interest cover ratio (ICR) of 125% x 5.5% for limited companies and 145% x 5.5% for individuals. These ICRs apply to all applicant and property types, including HMOs and MUBs.

Andrew Ferguson, commercial director at Foundation Home Loans, said: “With ongoing uncertainty in the market and the full effect of the buy-to-let tax changes materialising in 2021, we are confident these rates will give landlords an alternative solution to two and five-year deals, particularly as there is a real lack of three-year rates in the market.

“The products cater for all property types and have a competitive fee. We also believe that these rates will be popular among limited company clients, where we have been seeing an increase in demand.”


Furness for Intermediaries launches discounts

Furness for Intermediaries has introduced two competitively priced two-year discounted mortgages to its product range, available across England, Scotland and Wales.

The products are available for house purchase and remortgage, and are available to mainstream residential cases as well as customers who are self-employed, looking for a mortgage on a joint applicant sole proprietorship basis or even wanting to take the mortgage into their retirement.

The first is a two-year discount with a pay rate of 1.55%, maximum 80% loan to value (LTV).

The second is a 90% LTV, with a pay rate of 2.24%, both carry a product fee of £999.


Monmouthshire Building Society

Monmouthshire Building Society (MBS) has extended its discount range to include 80%, 90% and 95% LTV for purchase and remortgages with no early repayment charge.

It offers a two-year discount rate house purchase mortgage at 1.74%, with a maximum LTV of 80%. The product is available for house purchase throughout England and Wales, with a £999 product fee which can be added to the loan and a £150 application fee. There is no ERC for the duration of the product.

It also offers first-time buyers a discount mortgage, with a rate of 2.55% at 95% LTV. This product is available across England and Wales, with no product fee, no application fee and one free standard valuation.

The new range also includes a two-year discount rate remortgage at 2.04% with a maximum LTV of 90%, available throughout England and Wales.

This product also features a £999 product fee which can be added to the loan. The remortgage product has no application fee, one free standard valuation and, assisted legal fees. Again, there is no ERC for the duration of the product.

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