Solutions by Foundation from Foundation Home Loans will offer lending on a wider range of properties, including mixed use part commercial properties with combined residential and commercial elements where the valuation and rental income from the residential part exceeds 60 per cent of the total.
Mixed use pricing starts from 6.84 per cent for a two-year fixed rate up to 70 per cent LTV with a 2.5 per cent fee.
The suite will also offer finance on specialist multi-occupation properties including multi-unit blocks up to 10 units, and there is no bedroom limit on houses in multiple occupation (HMO).
For large HMOs with no limit on bedrooms up to 65 per cent LTV, the product is priced from 6.29 per cent for a five-year fixed and a two per cent fee. MUB rates begin from 6.24 per cent for a five-year fixed rate with a two per cent fee.
It will also cater for expats looking for various property types including holiday lets, short-term lets and HMOs.
New hire at Foundation
Foundation Home Loans has also hired Rick Davey as a regional area manager to support the expansion into these product areas.
He has over 18 years’ experience in the specialist buy-to-let market and will manage relationships with advises in the North focusing on the Solutions by Foundation brand.
Foundation Home Loans restructures lending to three distinct channels
Foundation is splitting its product ranges into its three distinct channels including buy to let, owner-occupied and Solutions and has changed its sales teams to align with the separate channels.
The lender is widening its early remortgage criteria so it applicable across most of its buy-to-let and Solutions ranges, so it will consider cases where the property has been owned for less than six months.
Valuation and application fees have also been altered, with application fee moving to £199 and the valuation fee scale has been reduced.
George Gee (pictured), managing director (commercial) at Foundation Home Loans, said: “We were keen to build on our existing reputation for broad criteria and close adviser relationships, and, with this brand-new specialist, criteria-led Solutions brand, we are offering a far greater array of options to landlord and investor clients.
“By creating this third product channel and aligning our sales team with owner-occupied, buy-to-let or ‘Solutions, we can offer a much more focused service proposition designed to support more advisers to grow their businesses by opening the doors to more borrower and property types.”
He added: “This launch marks the first steps in the development of the Solutions brand, and the beginning of an exciting journey in evolving it to consider and include even more products and options within the buy-to-let specialist marketplace to meet the needs of even more landlords.”
