Foundation Home Loans teams up with NACFB

Foundation Home Loans teams up with NACFB

By being a NACFB patron, Foundation Home Loans will be able to connect with a “wider array of borrower types”, as they will have direct access to Foundation Home Loans’ three brands.

This includes Solutions by Foundation, Residential by Foundation and Buy to Let by Foundation.

Members will also benefit from “guidance around specialist criteria and additional support on complex mortgage cases”.

Solutions by Foundation is a suite of specialist criteria and products for an additional layer of specialist buy-to-let (BTL) needs, covering multi-occupancy properties, mixed-use property (part-commercial) and expat borrowers.

The lender hired Rick Davey as a regional area manager to support the expansion into these product areas.

Grant Hendry (pictured), director of sales at Foundation Home Loans, said: “As a business, we are extremely pleased to have forged a strong strategic partnership with a professional regulated body who matches our own standards of broker-centric services and commercial approach.

“Landlords continue to evolve their business models to adapt to the ever-changing BTL landscape. As a lender, it’s imperative that we are able to support these markets and continue to diversify our proposition. To have a strong proposition is one thing, but to be able to partner with like-minded industry trade bodies is also essential to any future success.

“Partnering with the NACFB will not only add value to its members, but also generate opportunities for us to support a wider proportion of the intermediary market, which represents a win-win for all parties.”

Norman Chambers, managing director at the NACFB, said: “Many of our members specialise in sourcing property finance for their clients, so Foundation Home Loans is a great addition to the NACFB community.

“I have no doubt that their Solutions range will be of particular interest, as we are seeing increased demand for finance for larger, multiple-occupancy properties, especially from landlords with more complex borrowing needs.”

 

Foundation Home Loans brings out Solutions by Foundation

Foundation Home Loans brings out Solutions by Foundation

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.”

Foundation cuts special rates; MPowered lowers three-year fixed rates – round-up

Foundation cuts special rates; MPowered lowers three-year fixed rates – round-up

In its buy-to-let specials range, the Foundation F1 five-year fixed portfolio-only rates, for clients with an almost clean credit history, has fallen by 0.45 per cent with rates beginning from 4.79 per cent with a six per fee.

The firm’s F1 fee-assisted, five-year fix, portfolio-only, products have been cut by 0.5 per cent, with rates beginning from 5.09 per cent, with a five per cent fee.

The F1 two- and five-year fixed-rate products have decreased by up to 0.5 per cent, with rates starting from 5.19 per cent with a three per cent fee.

 

Foundation F2 range

In its F2 houses in multiple occupation range, which is for clients financing a more specialist property type, two and five-year fixed rate products have gone down by up to 0.45 per cent, with rates beginning from 5.34 per cent, with a three per cent fee.

F2 two and five-year fixed rate fee-assisted products, for clients with credit blips, have gone down by 0.4 per cent with rates beginning from 6.54 per cent with a £795 fee.

In the lender’s owner-occupied specials range, changes include, F1 two and five-year fixed rate fee-assisted deals, for clients who fall just outside the mainstream, pricing has fallen by up to 0.4 per cent with rates starting from 6.44 per cent with a £795 fee.

Tom Jacob, director of product and marketing at Foundation Home Loans, said: “The market continues to move positively in favour of borrowers, and as a result, we’ve been able to reduce rates across a large number of Specials, for both buy-to-let and owner-occupied clients.

“In buy-to-let, we’re very pleased to be able to offer a five-year fix below five per cent and we have made further reductions across both two- and five-year fixes, within both our F1 and F2 tiers, and we’re sure these will provide further options to advisers with landlord clients.

He added: “We’ve made similar reductions in our owner-occupied range, again for both F1 and F2 clients, so those clients who are not quite able to meet the criteria demands of the mainstream mortgage market have access to competitively-priced mortgages via Foundation.

“These rate reductions come as part of a set of exciting changes that Foundation is making throughout January, including significant improvements to the adviser experience as well as our product proposition. We’ll be announcing further news in this area shortly, so watch this space.”

 

MPowered Mortgages cuts three-year fixed rates

Fintech mortgage lender MPowered Mortgages has lowered three-year fixed rates by up to 0.22 per cent.

For purchase-only loans at 60 per cent loan to value (LTV), rates have fallen from 4.59 per cent to 4.37 per cent.

At 75 per cent LTV, pricing has gone down from 4.69 per cent to 4.49 per cent and at 80 per cent LTV, this has decreased from 4.79 per cent to 4.69 per cent.

Remortgage three-year fixed rates start at 4.46 per cent, 4.58 per cent and 4.93 per cent at 60 per cent LTV, 75 per cent LTV and 80 per cent LTV respectively.

Stuart Cheetham, CEO at MPowered Mortgages, said: “It is great to be able to bring our rates down again, following what has been a very positive start to 2024. We understand that many people will be facing significant financial pressures this year, which is why we are working to do everything in our power to make our products as accessible as possible.

“While there is cautious optimism about the outlook for rates this year, advisors will still need to continue to use their knowledge of the market to ensure buyers land on a deal that works for them.”

It is the second time that MPowered Mortgages has lowered rates this year, with two and five-year fixes cut by up to 0.25 per cent.

The lender also introduced cashback on all products for homebuyers.

Foundation adds buy-to-let deal; CHL cuts rates – round-up

Foundation adds buy-to-let deal; CHL cuts rates – round-up

The buy-to-let product is available for purchase and remortgage under its F1 criteria, for borrowers with no recent credit blips. 

It has a rate of 5.64 per cent and is available up to 75 per cent loan to value (LTV) with a 1.5 per cent fee. 

Tom Jacob, director of product and marketing at Foundation Home Loans, said: “We promised to start 2024 with a bang and the introduction of such a competitive rate offers yet more positive news for landlords and our intermediary partners.  

“This is a product which further enhances our broad range of competitive rates and fee options across a variety of fixed rate terms and is likely to be a popular option in what could prove to be an opportunity-laden period for landlords across the UK.” 

In early December, Mortgage Solutions reported that Foundation had launched special products for portfolio landlords in its buy-to-let range.

 

CHL Mortgages reduces buy-to-let rates 

CHL Mortgages has reduced its buy-to-let mortgage rates by up to 0.65 per cent across its CHL 1 range. 

This range is for individual and limited company borrowers with a clean credit history and is available for standard and small houses in multiple occupation (HMO) and multi-unit freehold block (MUFB) purposes. 

The low-rate deal is a two-year fix standard buy-to-let option available up to 65 per cent LTV with a seven per cent fee. The small HMO/MUFB equivalent has been lowered to 3.08 per cent. 

At 70 per cent LTV, the standard option is priced at 3.15 per cent, while the small HMO/MUFB product has a rate of 3.17 per cent. At 75 per cent LTV, this goes up to 4.34 per cent and 4.35 per cent respectively. 

Its five-year fixed options begin at 4.47 per cent for a standard buy-to-let or 4.56 per cent for small HMO and MUFB at 65 per cent LTV. At 70 per cent LTV, the respective rates are 4.52 per cent and 4.79 per cent, while at 75 per cent LTV this is 4.57 per cent and 4.62 per cent. 

Within the range, there are product fee options of two per cent, five per cent and seven per cent. 

Ross Turrell, commercial director at CHL Mortgages, said: “With five-year swap rates improving on the back of better global inflation forecasts, we are pleased to bring in some welcome rate reductions for the hard-pressed buy-to-let sector.  

“This along with a steady increase in rents will see the affordability calculations start to go back into equilibrium.” 

Foundation Home Loans appoints Ball as CEO

Foundation Home Loans appoints Ball as CEO

Ball has over 30 years of experience in the financial services industry and joins Foundation Home Loans from Together Personal Finance where he was CEO for over seven years.

Before that he was chief executive of Harrods Bank for nearly three years and prior to that was product and commercial director of Virgin Money for around three years.

He has also held roles at Bank of America and Valtech.

Ball will take on the role in Q2 2024 and Geberbauer will continue as CEO of the firm until then.

Geberbauer has been chief executive of Foundation Home Loans for nearly a decade and prior to that he was co-chief operating officer for nearly four years at Paratus AMC.

Before that he spent nearly eight years at GMAC ResCap and worked at Allen and Overy for nearly five years.

Jon Locke, chairman of Foundation Home Loans’ board of directors, said: “On behalf of the entire board and shareholders, I want to thank Hans for his leadership and his many contributions to the company over the course of two decades.

“We are pleased to have an executive as experienced and talented as Pete ready to take up the mantle and expect a smooth leadership transition.”

Ball said: “Under Hans’ leadership, Foundation Home Loans has created a great history of listening to customers, putting them first and making the complex simple.

“I am honoured to have the privilege of being part of the team going forward and look forward to continuing to find and deliver solutions for our customers.”

Geberbauer said: “After more than 20 years at Foundation, I have decided now is the right time for me to retire. With his excellent leadership record and deep experience of specialist lending, Pete is a great candidate to lead Foundation Home Loans into the future.”

Metro amends policy requirements; FHL and Family cut rates – round-up

Metro amends policy requirements; FHL and Family cut rates – round-up

The changes will streamline what is needed from mortgage customers but also widen the number of employed and self-employed contractors eligible for a mortgage.

The lender has also simplified its packaging requirements for employed, self-employed and contractor applications.

On the self-employed side, the lender has introduced an accountant’s certificate for cases under £1m and the minimum time trading has been lowered to two years, although two years of figures are needed.

From an employed perspective, the lender will no longer require minimum time in a current role, only one payslip is needed in the current role and one from previous role.

The minimum time in employment has been lowered to six months for both primary and secondary jobs.

Charles Morley, director of mortgage distribution at Metro Bank, said: “Purchasing a property is often a stressful process. We hope that these changes will go a little way towards easing that strain and ensuring that paperwork doesn’t get in the way of someone taking their first or next step on the property ladder.”

 

Foundation Home Loans cuts core BTL rates

Intermediary-only specialist lender Foundation Home Loan has lowered rates in its core buy-to-let range by up to 0.2 per cent.

Two-year fixed rates in its F1 and F2 have fallen by around 0.2 per cent, with the former coming to 6.54 per cent and the latter to 6.69 per cent at 65 per cent loan to value (LTV). Both are subject to a 1.5 per cent product fee.

The lender’s standard two-year houses in multiple occupation and short-term let fixed rate products have been lowered, beginning from 6.79 per cent and 6.94 per cent respectively.

The firm’s F1 limited edition seven-year fixed rate is priced at 6.54 per cent at 75 per cent LTV with a one per cent fee, and its F1 limited edition two-year fixed rate is 6.49 per cent up to 75 per cent LTV with a £1,495 fee.

Tom Jacob, director of product and marketing at Foundation Home Loans, said: “There’s no getting away from the fact that much of 2023 has proved to be a challenge for many landlords. However, it’s also fair to say that the back-end of the year has shown there is light at the end of tunnel with positive swap rate movement and increased competition across the sector helping to alleviate some affordability concerns.

“Our latest raft of rate reductions should further encourage landlords to evaluate their options over the closing weeks of the year and let me reassure them – and our intermediary partners – that there are more positive actions in the pipeline as we look to enter 2024 with a bang.”

 

Family BS lowers owner-occupier and buy-to-let costs

Family Building Society has reduced rates in its owner-occupier range by up to 0.4 per cent and its buy-to-let range by up to 0.55 per cent.

It two-year owner-occupier products for interest-only and capital repayment have been cut by 0.5 per cent and five-year products have gone down by up to 0.4 per cent.

Examples of changes include its repayment two-year fixed rates which starts from 5.74 per cent and five-year fixed rates begin from 5.14 per cent.

Interest-only two-year rates now start from 6.39 per cent, and the interest-only five-year fixed rates begin from 5.79 per cent.

For buy to let, five-year fixed rates have fallen by 0.55 per cent and start from 5.59 per cent.

Family Building Society has also introduced new two-year fixed rate option for UK landlords, limited company special purpose vehicles and expats, with rates now from 6.09 per cent.

The firm has also withdrawn its discounted variable rates barring offset, joint borrower sole proprietor and expat products.

Keith Barber, Family Building Society’s director of business development, said: “These significant reductions across our owner occupier and buy to let range will go some way to help older borrowers and landlords struggling with affordability and who need the flexibility and common-sense underwriting for which we are widely known”.

Foundation adds buy-to-let products; T&C cuts rates – round-up

Foundation adds buy-to-let products; T&C cuts rates – round-up

The buy-to-let products within the lender’s F1 tier, aimed at borrowers with an almost clean credit history, are five-year fixed rates.

Its deal at 65 per cent loan to value (LTV is 5.24 per cent and at 75 per cent LTV this rises to 5.34 per cent. Both come with a six per cent fee.

The maximum aggregate borrowing for these special products is £3m.

Tom Jacob, director of product and marketing at Foundation Home Loans, said: “Portfolio landlords are a key borrower demographic within buy to let, and much of the property supply within the private rental sector is reliant on these borrowers, their properties, and their commitment to delivering more housing.

“These new products are specifically for portfolio landlords and come with a lower rate, higher fee option, in order to help them meet affordability, and to support their purchase or refinance needs. The launch of these new options comes swiftly after price cuts to our other buy-to-let specials as we continue to support advisers and their landlord clients.”

Foundation also reduced their buy-to-let rates at the end of last week.

Tipton and Coseley lowers rates

Tipton and Coseley (T&C) Building Society is reducing rates for new customers across its two-year fixed rates.

The lender’s two-year fixed rate at 75 per cent LTV with £999 fee is 5.44 per cent, and its two-year fixed rate at 90 per cent LTV with £999 fee is 5.64 per cent.

Jason Newsway, director of sales and marketing at the Tipton, said: “We’re pleased to be able to reduce rates across our two-year residential fixed rates products.

“In such a dynamic market, we are continually striving to ensure that we remain as competitive as possible to support brokers and their clients’.”

Fleet and Foundation reduce rates – round-up

Fleet and Foundation reduce rates – round-up

This includes a reduction of 0.5 per cent on the lender’s standard and limited company tracker buy-to-let mortgages to bank base rate plus 1.25 per cent. This now puts the rate at 6.5 per cent. The green tracker rate has been lowered to bank base rate plus 1.15 per cent, making it now 6.4 per cent. 

These are available at 75 per cent loan to value (LTV) and have a two per cent fee with no early repayment charges (ERC). 

Across its two-year fixes for standard and limited company borrowers, Fleet is reducing rates by 0.2 per cent to start from 5.24 per cent at 75 per cent LTV. These deals have a three per cent fee and ERCs. 

Steve Cox, chief commercial officer at Fleet Mortgages, said: “Swap rates, market competition and a growing interest in Tracker products themselves has allowed us to reassess our pricing across both our standard and limited company products, and our two-year fixes within those two ranges. 

“It is interesting to see growing activity in the tracker space, as landlord borrowers look at flexible, shorter-term products that will allow them to change products in the future without any ERCs.” 

He added: “We might call this a growing ‘track to fix’ approach, as some landlords will feel falling inflation and swap rates also dropping is likely to herald further cuts to fixed-rate pricing throughout next year which they will be able to take advantage of at a later date. 

“Other borrowers might simply want the certainty of a shorter-term fix and again we’ve been able to cut our two-year fixes to support advisers with this type of landlord client. 

“This is further positive news for landlord borrowers, and we’re here to support all advisers active in the buy-to-let space as they seek the right financial solutions for both refinancing and purchasing clients.”  

 

Foundation Home Loans cuts pricing 

Foundation Home Loans has reduced rates across its buy-to-let and owner occupier ranges. 

For buy-to-let, its F1 special range for borrowers with an almost clean credit history has been cut by 0.1 per cent and the five-year fix for portfolio landlords now starts from 5.59 per cent. This has a five per cent fee, no application fee and offers a free valuation. 

Within the standard F1 offering, two and five-year fixes have been cut by 0.1 per cent and start at 5.69 per cent with a three per cent fee. Across its F2 range for borrowers with specialist requirements or historical credit blips, two and five-year fixes now start from 5.74 per cent following a one per cent cut. 

These have a three per cent fee. 

Within its owner-occupied product range, two and five-year fixed rates have also been reduced by 0.1 per cent and start from 6.84 per cent for F1 borrowers and 6.94 per cent for F2 borrowers. 

These have a £795 fee, no application fee and offer a free valuation. 

Tom Jacob, director of product and marketing at Foundation Home Loans, said: “These price cuts to both our buy-to-let and owner-occupied F1 and F2 specials products cover a wide range of two- and five-year fixes, for a large borrower demographic who just miss out on the mainstream, are looking to buy specialist property, or require flexibility in terms of income assessment. 

“Across both buy-to-let and owner-occupied products we are seeking to provide lower rates and access to mortgage finance for these specialist clients,and we remain focused on delivering quality rates and service in these key areas to our intermediary partners.” 

 

LendInvest cuts resi rates; Foundation Home Loans reduces limited edition rates – round-up

LendInvest cuts resi rates; Foundation Home Loans reduces limited edition rates – round-up

Pricing begins from 6.04 per cent, with products aimed at key workers, self-employed, multiple income streams and complex credit customers.

Paula Mercer, head of sales at LendInvest, said: “As inflation falls and the Bank of England Base Rate remains static, we have been moving quickly to ensure those benefits are passed on to our residential customers who may struggle to get a mortgage elsewhere.

“Today we are delighted to announce these rate reductions, and are at the same time looking to the Chancellor, and his Autumn Statement to provide further support for these borrowers, including first-time buyers.”

 

Foundation Home Loans lowers limited edition deals and adds products

Intermediary-only specialist lender Foundation Home Loans has cut rates on several of its buy-to-let limited edition products and brought out a limited edition five-year fixed rate.

The limited edition products are in its F1 range, which is aimed at borrowers with an almost clean credit history.

Rate cuts include a two-year fixed rate at 75 per cent LTV which has fallen 0.15 per cent to 6.59 per cent. It is subject to a £1,495 fee.

The lender’s five-year fixed rate at 75 per cent LTV has also decreased by 0.15 per cent to 6.24 per cent and has a one per cent fee.

Its seven-year fixed rate at 75 per cent LTV is priced at 6.69 per cent, down 0.3 per cent, and is subject to a one per cent fee.

The firm’s new limited edition extra product is a five-year fixed rate at 75 per cent LTV with a rate of 6.14 per cent and a fixed fee of £2,995.

Tom Jacob, director of product and marketing at Foundation Home Loans, said: “We continue to look at how and where we can drop rates for landlord borrowers, and today we’re pleased to be dropping our pricing across three F1 Limited Edition fixed-rates, plus we’ve  launched a brand new five-year fix which comes with a fixed fee.

“All products are available up to 75 per cent LTV and come with different fee structures in order to provide options for landlord clients and to help them meet affordability. Large numbers of landlord borrowers will be coming up for renewal throughout the months ahead, plus we’re seeing growing purchase activity as rates fall lower.

“At Foundation we are fully focused on the buy-to-let space and have excellent service levels to support advisers and their clients in this sector.”

Foundation Home Loans launches BTL products

Foundation Home Loans launches BTL products

The F2 buy-to-let proposition is available for both portfolio and non-portfolio landlord borrowers with some historic credit blips, and the F2 extra products cover extra large houses in multiple occupation (HMO) properties, holiday lets, extra large portfolios and extra large loans.

The F2 extra range was piloted with selected buy-to-let partners and packagers, and is accepting applications from advisers.

The products include an extra large HMO with fixed rates starting from 7.04 per cent, available up to 65 per cent loan to value (LTV).

The holiday let extra products begin from 6.94 per cent and are available up to 70 per cent LTV.

Extra large portfolio deals are priced from 6.94 per cent and are available up to 70 per cent LTV.

Extra large loans fixed rates start from 6.89 per cent, available up to 70 per cent LTV.

The lender is no longer limiting aggregate portfolio borrowing to £5m and existing core products can be used in a large portfolio below £5m, while these F2 extra products can be used for the part of the portfolio above this amount.

 

Foundation: Beyond the specialist market

Tom Jacob, director of product and marketing at Foundation Home Loans, said: “These new product options – now available to all advisers – plus our criteria changes for extra portfolio and extra large loans, allow us to broaden the buy-to-let mortgage choice to advisers and their landlord borrower clients, and are specifically designed for landlord requirements or property types beyond those catered for in the specialist market.

“We believe this opens up wider finance options in these spaces for landlords to utilise in either purchasing or remortgaging, and we believe they will be particularly relevant for those who might ordinarily have to use costlier lending options.”

He added: “As advisers will know, we take an individual approach to underwriting of more complex buy-to-let cases, and have the ability to assess the whole case on its merits, considering the landlord’s entire property portfolio as required.

“Applications received on these F2 Extra products will be managed by a dedicated team of experienced underwriters familiar with complex property types and niche areas, and we will be maintaining our strong service levels in this area.”