Foundation Home Loans, a specialist lender catering exclusively to intermediaries, has rolled out an assortment of fixed-rate deals. Tailored to diverse landlord requirements, these range from nearly spotless credit histories to those considering more unique property types or contending with past credit glitches.
Exclusively for Portfolio Landlords
Among the notable products is the five-year fixed-rate special exclusively designed for portfolio landlords:
- Interest rates: 5.79% at 65% Loan to Value (LTV) and 5.89% at 75% LTV.
- Fees: 5% fee, zero application fees.
- Add-ons: A complimentary property valuation.
- Perks: Foundation permits an unlimited count of properties within a landlord’s entire portfolio. However, the maximum aggregate loan for these unique products is capped at £3 million.
Deals Open for All Landlord Borrowers
Foundation has also unrolled a slew of products open to all landlord categories in its F1 range:
- Two-year fixed-rate mortgage: 6.04% (65% LTV) and 6.19% (75% LTV).
- Five-year fixed-rate deals: 6.34% (65% LTV) and 6.39% (75% LTV).
- Fees: Each package comes with a 3% fee.
For landlords considering a more niche property or those with past credit hiccups, the F2 range offers:
- Two-year fixed-rate products: 6.14% (65% LTV) and 6.29% (75% LTV).
- Five-year fixed-rate deals: 6.44% (65% LTV) and 6.49% (75% LTV).
Furthermore, landlords with Houses in Multiple Occupation (HMOs) that house up to six tenants can opt for special two-year fixed-rate deals.
Insights from Foundation’s Leadership
Tom Jacob, Foundation’s Director of Product and Marketing, shed light on the new offerings. He highlighted that apart from the specific five-year fixed rate for portfolio landlords, all other deals are open to every landlord borrower. The objective? To diversify mortgage options for landlords, be it for purchasing new properties or refinancing their existing ones.
With a noted surge in portfolio landlords over recent years, Jacob remarked on their sustained interest in expanding their portfolios and evaluating remortgaging alternatives. The exclusive five-year deal is especially enticing as it waives application fees and provides a free valuation, thus significantly reducing the initial costs, especially when considering refinancing multiple assets.
Additionally, Jacob emphasized that these new packages cater to both conventional products and landlords keen on HMO finance solutions. He expressed confidence that this refreshed line-up would resonate with a broad landlord demographic and urged advisers to weigh these alternatives for their clientele.