Foundation Home Loans has updated its range across the direct to lender and packaged range. Brilliant Solutions offers fees free packaging across the range as well as direct to lender access with payment on completion.
BUT TO LET BY FOUNDATION – PRODUCT WITHDRAWAL NOTICE
On Wednesday 28th August at 5:30pm we will be withdrawing and not relaunching selected products from our BTL Specials range. This withdrawal will apply only to applications from individuals.These products will continue to be available for applications from Limited Companies/SPVs and Portfolio Landlords
The BTL products being withdrawn are:
- F1 Special 2 Year Fixed with a rate of 4.59% at 65% LTV and 4.79% at 75% LTV
- F1 Special 2 Year Fixed with a rate of 5.09% at 65% LTV and 5.29% at 75% LTV
- F2 Special HMO 2 Year Fixed with a rate of 5.14% at 65% LTV and 5.34% at 75% LTV
- F2 Special HMO 5 Year Fixed with a rate of 5.54% at 65% LTV and 5.65% at 75% LTV
Any DIPs on the current products will need to be submitted by 5.30pm on Wednesday 28th August which will secure the product for 2 working days until 5.30pm on Friday 30th August.
The DIP must be converted to a full FMA and submitted before 5.30pm on Friday 30th August.
DIPs relating to these current products which have not been converted to FMA and submitted by 5.30pm on Friday 30th August will no longer be valid.
All Application fees and Valuation fees must be paid within 3 working days of the submission of a Full Mortgage Application.
FMAs which do not have their Application fee or Valuation fee paid by 5.30pm on the 3rd working day after submission, will no longer be valid.
BUY TO LET BY FOUNDATION – CRITERIA UPDATE
As of today (Thursday 29th August) Foundation Home Loans are pleased to inform you that they now accept Consumer Buy to Let (CBTL) as standard criteria across their Buy to Let and Solutions by Foundation ranges.
CBTLs offer customers some of the protections that are in place for FCA regulated mortgage contracts such as being covered under the Financial Services Compensation Scheme. CBTLs are aimed at ‘accidental’ landlords who do not have any other buy to let properties but wish to obtain a BTL mortgage on a property that has either been inherited or has previously been occupied by the borrower or a related person.
CBTL would be applicable in the following circumstances:
• Property inherited from a relative
• Applicant/customer moved in with a partner and wants to keep the property and let it out
• Applicant/customer moving for work but wants to keep the property and let it out
• Applicant/customer remortgaging their current main residence on to a BTL mortgage, raising capital to purchase a new main residence.
CBTL only applies to individual applicants who are re-mortgaging their properties, so is not applicable to Limited Company or Portfolio Landlord applications.
Please feel free to contact us today to discuss our criteria or loan amounts