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.
Owner Occupier Re-Price – Launch 7th July 2022
Foundation Home Loans will re-fresh its current Residential products on the morning of 07 July 2022 as follows:
- The withdrawal of its 56 residential products
- The re-launch of 52 of the 56 products with updated rates and some with updated fees
FOUNDATION HOME LOANS WELCOMES APPLICATIONS WITH NEW BUY-TO-LET LIMITED EDITION PRODUCT
As of Thursday 21st July 2022, Foundation Home Loans have launched a Limited Edition Buy to Let product. The features of this product include:
- F1 5 year fixed rate at 4.99%
- Up to 75% LTV
- One free standard valuation
- No Application fee
- Product fee 2%
Because it is a 5-year fixed rate, ICR is calculated using the pay rate of 4.99% and stress tested at 125% for limited companies and basic rate tax payers and 145% for other landlord types. It benefits from one free standard valuation and no application fee and is available for both limited companies and individuals looking to either remortgage or purchase.
In addition to this new limited-edition product, Foundation have current turnaround times of 1 day for DIP referral, application and underwriter review.
George Gee, Managing Director (Commercial) at Foundation Home Loans, said:
“We are pleased to be able to offer to market a competitive product to give our intermediary partners and their borrowers a sub-5% rate choice combined with a strong service offering.
“One of key focuses over the past year has been on maintaining service levels, and structuring our business to ensure we can continue to operate at the highest standard. We know that a one-day turn-around is far from the norm right now, and we want advisers and their clients to be aware that this is available with Foundation and we have a full buy-to-let and residential product range – including this new product – that they might wish to take advantage of.”
You can find out more by checking out the latest product guide today.
Why use Foundation for your next BTL case?
Who for?
- Experts in individual or limited company applications
- Up to 4 directors & no personal guarantees needed for shareholders
- Limited companies/SPV with complex structures
- Shareholding can include other companies
- Newly formed SPV’s and flexible deposit sources including Intercompany loans
- No min income or employment/self-employment history
- First time landlords considered
- Ex-pats considered as individuals or limited companies
How much?
- Up to 85% LTV & Loans up to 2m (on core range)
- ICR of 125% for limited company borrowers and basic rate taxpayers
- No limit to portfolio size, subject to maximum borrowing of £5m with Foundation
- Portfolio in the background stress tested at 100%
What for?
- HMOs: standard to 6 bedrooms, large up to 8 bedrooms and MUBs: up to 10 units
- Short term lets in personal or SPV structures
- Day 1 remortgages
- Products without ERCs
- Range of Green Products for properties with EPC rating A-C