Foundation has added a range of new products covering houses of multiple occupation (HMOs), multi-unit freehold blocks (MUFBs) and select mortgages for expats.
Brokers will have access to the products from the buy-to-let (BTL) specialist via the Buy to Let by Foundation online portal.
New products include F1 – for clients with an almost clean credit history – expat five-year fixed rate mortgages, available up to 75%, with a rate of 5.99% and a 1.5% fee.
In addition, F2 – for clients financing a more specialist property type and/or those with some historical blips on their credit rating – expat holiday lets and five-year fixed rate mortgages are available up to 75% LTV with a rate of 6.59% and a 2% fee.
The lender is also announcing a number of new rates on existing products, including the F1 green expat five-year fixed rate mortgage – for properties with an Energy Performance Certificate (EPC) rating of A-C – available up to 75% LTV with a rate of 5.99%.
The product has a 1.25% fee but no application fee and comes with a free valuation.
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There are also F2 expat standard, HMO and MUFB five-year fixed rate mortgages, which have had their rates reduced by 0.5% and start at 6.09%.
In addition, F2 large HMO two- and five-year fixed rate mortgages have had their rates reduced by up to 0.4% and start at 6.19% with a 2% fee.
Plus, F2 MUFB two- and five-year fixed rate mortgages have had their rates reduced by up to 0.3% and start at 5.99% with a 2% fee.
Comprehensive selection of products
Buy to Let by Foundation said the introduction of these specific HMO, MUFB and expat products to its range would allow advisers to provide their landlord borrower clients with a more comprehensive selection of products, tailored to their needs.
Tom Jacob, director of product and marketing at Foundation Home Loans, said: “The addition of larger HMOs, MUFBs and expat products to our core Buy to Let by Foundation range is a big step forward for the brand, providing access to a wider range of options for all landlord clients, but particularly those portfolio players who are looking to add or refinance such properties.
“We’re aware of many professional landlords with substantial portfolios who either have HMOs or MUFBs already, or are looking to purchase, or indeed are looking to change existing properties to higher-yielding, multi-tenanted ones.”
He added: “Adding these to our range widens the options in such areas, plus we have added specific expat borrower products covering both traditional lets but also holiday, HMO and MUFB as well.
“Overall, we believe these new additions will be welcome news for advisers active in the buy-to-let space as we seek to support the ongoing wants and needs of the landlord population.”
