Foundation offers consumer buy to let mortgages

Foundation offers consumer buy to let mortgages

9:29 AM, 30th August 2024, About 2 days ago

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Foundation Home Loans, the intermediary-only specialist lender, has announced that consumer buy to let (CBTL) mortgages are now accepted as standard criteria across its ‘Buy to Let by Foundation’ and ‘Solutions by Foundation’ product ranges. 

The following scenarios are typical of a consumer buy to let:

  • Property inherited from a relative
  • Applicant/customer moved in with a partner and wants to let out the property
  • Applicant/customer moving for work but wishes to keep and let out the property
  • Applicant/customer remortgaging their current main residence to a buy-to-let mortgage, raising capital to purchase a new main residence.

CBTL only applies to individual applicants who are remortgaging their properties. It is not applicable to limited company or portfolio landlord applications.

Consumer buy to let as standard

Foundation’s director of product and marketing, Tom Jacob, said: “Extending our criteria to include consumer buy to let as standard is a highly positive step for both our business and the broader buy to let market.

“This change allows us to serve the needs of ‘accidental landlords’ by providing them with the opportunity to secure a buy to let mortgage on a property they may have inherited or previously occupied.”

He adds: “It’s a significant policy shift that enables us to address the needs of a larger segment of the landlord community, further solidifying our position as an innovative, trusted and forward-thinking lender in the buy to let space as we work towards meeting our ambitious lending targets for the remainder of 2024 and beyond.”

Precise makes large rate reductions

Meanwhile, Precise, part of OSB Group, has cut rates across its entire range up to 105bps.

Highlights include:

  • Buy to let: Rates lowered by 0.25% across the range
  • Bridging: Standard and Tier 1 light refurbishment across 70% and 75% LTV reduced by 0.05% per month. Tier 2 heavy refurbishment also reduced by 0.05% per month across the range
  • Refurbishment buy to let: Reduced by up to 105bps, Tier 1 aligned with standard refurbishment to simplify the range. EPC C+ refurbishment now 0.20% cheaper. Rates from 5.24% per annum.

‘Constantly reviewing our ranges’

Adrian Moloney, OSB’s group intermediary director, said: “We are constantly reviewing our ranges and rates to ensure we are supporting our brokers and their customers with differing financial needs.

“We are delighted to also offer reduced rates to our buy to let and refurbishment products which can be used for single dwellings, HMOs and MUFBs.”


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