Andrew Ferguson

Foundation Home Loans launches short-term let product

Foundation Home Loans has introduced a new short-term let product as part of its BTL range.

The product is available exclusively through Legal & General’s Mortgage Club and is suitable for landlords (both individuals and limited companies) looking to let out properties on a short-term basis without the need for an assured shorthold tenancy (AST) agreement.

The two- and five-year fixed rates start at 2.99% and are available up to 75% LTV for limited companies and individuals, with no minimum income required.

“Considering the growing trend for Airbnb-type offerings, our new short-term let product will provide landlords with increased flexibility as we head into the summer season,” said Andrew Ferguson, commercial director at Foundation Home Loans (pictured above).

“However, there is equal demand for short lets from relocating corporate tenants, people who are testing out a residential area before buying, contract workers and homeowners needing temporary accommodation while undergoing renovations.”

Andrew Montlake of Coreco added: “More and more landlords have been looking at the short-term rental market, especially with the rise of Airbnb, something that Foundation [has] clearly listened to and it is refreshing to see a lender taking an innovative approach to provide products that clients really want.”

Danny Belton, head of lender relationships at Legal & General Mortgage Club, said: “Foundation Home Loans [has] worked with Legal & General Mortgage Club and – following feedback from our members – [has] delivered this new exclusive product. 

“Innovation like this is most welcome as it will add benefit to brokers and their customers.”

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