Foundation has relaunched its Property Plus range, designed for landlords investing in specialist property types that often fall outside standard lending policies.
Highlights from the range include a two-year fixed rate at 6.39% and 75% loan to value (LTV) with a 2% fee, as well as a five-year alternative priced at 6.49%. A five-year limited-edition fixed rate at 6.59% is available up to 75% LTV with a 1% fee, a free valuation and no application fee.
Properties that can be excluded from mainstream buy-to-let (BTL) criteria include flats above or next to commercial premises that can offer attractive yields but can be difficult to finance.
Data-led approach
The proposition has been reintroduced following work with valuation partners Connells and E.surv, alongside Foundation’s credit risk team, both to reduce costs for landlords and to give more certainty around valuations on the more specialist property types that can be considered through Property Plus.
Grant Hendry (pictured), director of sales at Foundation, said: “The specialist buy-to-let market continues to evolve and landlords are increasingly looking beyond traditional property types in order to achieve their investment objectives. However, many of these properties can present challenges when placed with mainstream lenders, often resulting in declined applications or nil valuations despite having strong underlying investment fundamentals.
Aldermore Insights with Jon Cooper: Edition 9 – Why lending strategy is becoming more central in buy to let
Sponsored by Aldermore
“Property Plus was specifically created to address that gap, and these latest enhancements make the proposition even more accessible. By introducing reduced valuation costs, improving certainty within the application process and working closely with Connells and E.surv to broaden valuation capabilities, we have removed a number of the barriers that can prevent these cases from progressing.
“Ultimately, this is about giving brokers more options, helping landlords access funding for suitable specialist properties at a lower cost and ensuring good cases are not lost unnecessarily because they fall outside traditional lending criteria.”
Eloise Hall, strategic relationship director at E.surv, said: “We’re excited to support this with our data-driven valuation approach and property risk expertise, helping turn new opportunities into confident lending decisions brokers can rely on.”