Foundation launches multiple properties suite of products
28 Mar 2024
Foundation Home Loans has announced the launch of a new suite of products specifically for landlords buying or refinancing Multiple Properties Under One Title.
The new product suite is available under the Solutions by Foundation brand, which offers broad and specialist criteria and products for an additional layer of specialist buy-to-let needs, covering multi-occupancy properties, mixed-use property (part-commercial) and expat borrowers.
Available to individuals, portfolio landlords and limited companies, and for letting on a standard assured shorthold tenancy (AST), short-term let or holiday let basis, Foundation is able to lend against up to four individual properties or units on one freehold title.
Examples of this include where a number of farm buildings have been converted for residential buy-to-let use, or up to four units/flats within a single block – a ‘traditional’ multi-unit freehold block – but on one title rather than multiple titles.
Products include two- and five-year fixed rates, available to both 65% and 75% LTV, with rates starting at 6.69% for the two-year deals and 6.54% for five-year. The product fee is 2%.
The maximum loan size for 65% LTV is £3 million and £2 million for 75% LTV, with a minimum loan size of £100k.
Foundation director of product and marketing, Tom Jacob commented: “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.
He added: ““Increasingly, landlords are looking at ways to broaden their portfolio, increase their yield, and focus on different areas of the rental sector. The concept clearly has similarities with existing Multi-Unit Freehold Blocks but in this scenario we can lend on up to four dwellings or separate houses or flats on just the one title”.