Brilliant Solutions

Foundation Update

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. 

Foundation cut selected BTL rates and launch new HMO and fee-assisted products

Now you can access fee assisted buy-to-let mortgages for purchases as well as remortgages with a flat product fee of £1,495.

Foundation has launched a number of new products, including fee-assisted options for purchases as well as remortgages, and two HMO and multi-unit blocks (MUB) deals. Other selected rates are cut by 0.20%. All are available to both individual and limited company landlord borrowers.

New fee-assisted products – purchase and remortgage which all come with one free valuation, no application fee and £250 cashback         

  • Purchase or remortgage acceptable
  • Flat £1,495 fee
  • 39% fix for two-years and 3.59% for five-years to 65% LTV
  • 59% fix for two-years and 3.74% fix for five-years to 75% LTV            

New HMO/MUB products standard HMO (up to six occupants) and large HMO (8 bedrooms)/MUB (10 units)

  • Five-year fixes start at 3.79% at 75%
  • Limited company and individual landlords
  • Flat £1,495 fee

Reduced rates on selected 80% LTV buy-to-let products

  • 2-year fixes cut to 3.79% from 3.99% with a 2% fee
  • 5-year fixes cut to 4.29% from 4.49% with a 2% fee

Generous loan amounts

Foundation offers one of the sector’s most generous ICR calculations at pay rate for the 5-year fixed product, and at the notional rate of 5.5% on a 2-year fix, stress tested at 125% for Limited Companies and basic rate tax payers and 145% for other landlords. 

Why use Foundation for your next BTL case?

  • Individual or limited company
  • Limited companies with complex structures
  • Up to 4 directors
  • Newly incorporated limited companies acceptable
  • ICR of 125% for limited company borrowers and basic rate taxpayers and 145% for others
  • No minimum term of employment/self-employment and no minimum income
  • Up to 80% LTV
  • Loans up to £2m
  • No limit to portfolio size, subject to max borrowing of £3m with us
  • Cater for specialist properties such as HMOs, short term lets and Multi Unit Blocks
  • HMOs: up to 8 bedrooms and MUBs: up to 10 units
  • Products for first time landlords
  • Ex-pats considered for limited companies only
  • Green Mortgages available for the remortgage of properties with an EPC rating of C or above

Foundation Product Guide – BTL Ltd Co. 180521
Foundation Product Guide – BTL Individual 180521

BTL Product Refresh

As of the morning of the 18th of May Foundation Home Loans will:

  1. Withdraw the 16 BTL products
  2. Re-launch four of the withdrawn products with lower rates
  3. Launch 12 new products; 8 of which come with 1 free val, cashback of £250 and the £125 app fee waived

See attached for more information.

The details in this email together with the attachment should not be shared with any external parties (except sourcing) until after the release date.

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