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.
SOLUTIONS BY FOUNDATION – PRODUCT WITHDRAWAL NOTICE
On Wednesday 12th June at 5:30pm we will be withdrawing some of our Solutions by Foundation products to be replaced the next day.
The products being withdrawn are:
- S2 5 year fixed Expat HMO and mixed use products
- S2 Large HMO 2 and 5 Year Fixed products
- S2 MUFB 2 Year Fixed products
- S2 Mixed Use BTL 2 and 5 Year Fixed products
- S2 MPOT 2 year fixed products
Please note, the following product will be withdrawn and not be replaced:
- S2 2 year fixed Expat Limited Edition
Any DIPs on the current products will need to be submitted by 5.30pm on Wednesday 12th June which will secure the product for 2 working days until 5.30pm on Friday 14th June.
The DIP must be converted to a full FMA and submitted before 5.30pm on Friday 14th June.
DIPs relating to these current products which have not been converted to FMA and submitted by 5.30pm on Friday 14th June 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.
Please convert existing DIPs to a full mortgage application as soon as possible.
Case study from Foundation Home Loans: Complex Mixed-Use Property Refinance
Please see below a snippet from one of our latest case studies that you may wish to share with your brokers
Complex Mixed-Use Property Refinance
Claudia, a property pro, had a mixed-use building with various leaseholds. We helped her simplify by merging them into one freehold title, allowing her to refinance the entire property. At Solutions by Foundation, our mixed-use products can handle complex situations. Read the full case study here.
SOLUTIONS BY FOUNDATION – “HMO PLUS” MORTGAGES OUT NOW
Foundation Home Loans are pleased to announce that as of today Thursday 13th June 2024, they have launched “HMO PLUS”. A new set of HMO products from Solutions by Foundation, for HMOs up to 6 occupants, which are slightly more complex than normal so require a commercial valuation. e.g. properties with multiple kitchens.
NEW PRODUCTS
- 2-year fixed rates at 6.99% up to 65% and 7.09% up to 75% LTV with a 2% fee
- 5-year fixed rates at 6.44% up to 65% and 6.64% up to 75% LTV with a 2% fee
Foundation have also made some changes to the Solutions range and these can be found in our product guide.
Why use Solutions by Foundation for “HMO Plus” mortgages?
- Valued by our commercial valuation partners – Appraisers
- Up to 6 occupants/bedrooms
- Rental cover at our standard 125% and 145% cover
- Max 75% LTV
[Have a case to discuss? Contact us today!]
Tom Jacob, Director of Product and Marketing at Foundation Home Loans, said:
“We are pleased to be able to offer landlords a brand new range of products, ‘HMO Plus, which gives them the capability to have a commercial valuation on an HMO, up to six occupants/bedrooms. This allows landlords to consider a much broader range of properties, beyond those which could previously only be valued using a standard valuation which meant they were often restricted to those which could be converted back to a family home for resale if necessary.
“Landlords are diversifying much more now, which means an increased appetite for a range of different property types; we are pleased to say with ‘Solutions by Foundation’ we are now able to broaden our criteria to meet their needs. This allows us to offer advisers a finance route for their landlord clients who have a real appetite to diversify into more complex HMO buildings as many are doing in order to ensure they maximise rental yield and profitability on their portfolio properties.”