Foundation Home Loans introduces BTL packager exclusives
Foundation Home Loans

Foundation Home Loans introduces BTL packager exclusives

Foundation Home Loans has launched new BTL standard HMO, large HMO and MUB products for exclusive use by its major packager partners.

The products are both two-year variable offerings and are priced at 3.34% up to 65% LTV or, for standard HMOs, up to 75% LTV at 3.69%.

For HMOs to a maximum of eight bedrooms, and MUBs to a limit of 10 units, the rate is 3.44% up to 65% LTV, or 3.79% up to 75% LTV.

The new offering is available immediately for the sole use of Foundation’s packager partners.

The lender said that the products complement its other two-year discount BTL products that come with no ERCs.

Its wider BTL range has recently seen increases to LTV bands; rate cuts of up to 50 basis points; and the introduction of a new five-year fixed-fee product for F1 borrowers.

Jeff Knight, director of marketing at Foundation Home Loans, said: “We’re in constant dialogue with our packager partners and will seek to respond quickly where possible to present solutions for the demand they are seeing in the market.

“That being the case, we’re able to launch these exclusive products for packagers which provide further product options for landlord borrowers seeking either standard HMO or large HMO/MUB finance.

“We’re also conscious that the circumstances for landlord borrowers during 2020 and, for the foreseeable future, might be very different to what they could be in 12-18 months’ time.

“This is why these variable products come with no ERCs, which will allow landlord borrowers, should things change in the future, to potentially remortgage [later] with no charges to pay.

“We’ll be monitoring take-up of these products closely and would hope that, if they are seeing strong demand, we can then roll them out to the wider market.”

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