Foundation launches range for multiple BTLs on one title

The buy-to-let (BTL) deals from Foundation Home Loans – which teamed up with the National Association of Commercial Finance Brokers (NACFB) last month – are available to individuals, portfolio landlords and limited companies and can be used for homes let on a standard Assured Shorthold Tenancy, short-term or holiday let basis.

The deals are available under the Solutions by Foundation range.

Foundation can lend against up to four individual properties or units on one freehold title – for example, where a number of farm buildings have been converted for residential BTL use, or where up to four units/flats within a single block are on one title rather than multiple titles.

Products include two- and five-year fixed rates, available up to both 65% and 75% loan to value (LTV), with rates starting at 6.69% for the two-year deals and 6.54% for five-year deals. The product fee is 2%.

The maximum loan size for 65% LTV is £3m and £2m for landlords with a 25% deposit. The minimum loan size is £100,000.

Tom Jacob, director of product and marketing at Foundation Home Loans, said: “By launching ‘Solutions by Foundation’ at the start of year, we have been able to look at more specialist lending requirements and to offer specific products that fit these niche areas, but are increasingly in demand.

“Increasingly, landlords are looking at ways to broaden their portfolio, increase their yield, and focus on different areas of the rental sector. The concept clearly has similarities with existing multi-unit freehold blocks [MUFBs], but in this scenario, we can lend on up to four dwellings or separate houses or flats on just the one title.”