OSB and Foundation update HMO and complex BTL ranges – round up

  • 16/03/2020
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OSB and Foundation update HMO and complex BTL ranges – round up
OneSavings Bank has streamlined its criteria for Houses In Multiple Occupation (HMO) and Foundation Home Loans has relaunched its product range.


Each of OneSavings Bank’s mortgage brands will focus on a different size HMO by bedrooms.

Precise Mortgages will accept applications with up to six bedrooms, Kent Reliance for Intermediaries will consider applications with up to eight bedrooms. Larger HMOs will be reviewed on a case by case basis. InterBay Commercial will accept any size HMO with no limit on the number of bedrooms.

The group recently introduced new valuation fee scales and lending based on investment values.

Alan Cleary (pictured), group managing director, mortgages, OneSavings Bank, said: “Ultimately for brokers, these changes ensure that their HMO cases will be directed to the specialist teams that are best placed to handle them, regardless of size or complexity.

“Whether the cases involve investment valuations, large loan sizes or even complex company structures, we have the expertise within the OneSavings Bank group to consider every case.”

Specialist buy-to-let lender Foundation Home Loans has relaunched its product range to include new deals, cuts to product fees and the extension of all deal end dates.

All two-year fixed-rate mortgages have had their product fees halved to one per cent, while Foundation has also reduced the fee on its buy-to-let five-year remortgage by £500 down to £2,495.

The lender has also launched a new five-year fix at 80 per cent loan to value within its F1 tier for borrowers with a near-perfect credit record. The deal is priced at 4.24 per cent with a flat product fee of £1,995.

The new range covers all Foundation’s individual and limited company products as well as its HMO range, it’s large loan HMO/multi-unit block range and its products for short-term let properties.

There is also a number of products for portfolio landlord borrowers requiring ‘low loans’ with a minimum loan size of £30,000, rather than £50,000.

End dates for all products have also changed, with two-year deals going up to the end of July 2022, and five-year deals going up to the end of July 2025.

Foundation said the new range responds to an increase in demand for two-year rates. It also allows the lender to offer an increased range of product options to landlord borrowers, particularly those seeking finance within a limited company structure or wanting to acquire/refinance more complex properties such as HMOs, multi-unit blocks and short-term lets.

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