Foundation’s lending criteria allow for financing up to four discrete units or properties within one freehold title, addressing needs that range from converted farm buildings for residential leasing to up to four apartments within a single building.
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The product suite features two- and five-year fixed rate options, with loan-to-value (LTV) ratios of 65% and 75%. Interest rates begin at 6.69% for two-year fixed rate loans and 6.54% for five-year fixed rates, accompanied by a 2% product fee. The maximum loan amount is set at £3 million for 65% LTV and £2 million for 75% LTV loans, with a minimum threshold of £100,000.
“By launching ‘Solutions by Foundation’ at the start of year, we have been able to look at more specialist lending requirements and to offer specific products that fit these niche areas, but are increasingly in demand,” said Tom Jacob (pictured), director of product and marketing at Foundation Home Loans.
“These new products for landlords seeking to either buy or remortgage ‘Multiple Properties Under One Title’ fit that particular billing, and not only can we offer them for standard buy-to-let AST rental agreements, but we can also cover both short-term lets and holiday lets, which we believe is a strong offering within this particular sector of the PRS.