In a move that is set to invigorate the Buy to Let market, Foundation Home Loans has announced the launch of its revamped Specials range, effective from 12th November
2024. This new offering provides competitive mortgage rates across two distinct tiers, F1 and F2, aimed at catering to a diverse clientele ranging from first-time landlords to portfolio investors. The innovative approach takes into account varying credit histories and property types, ensuring borrowers can find suitable options tailored to their needs. The director of product and marketing at Foundation Home Loans, Tom Jacob, expressed optimism about these offerings, anticipating a boost in lender confidence following the recent national Budget, thus encouraging advisers to assist clients in exploring these options.
Key Takeaways
- Foundation Home Loans has introduced competitive Buy to Let Specials starting from November
2024. - The revamped offerings cater to different borrower profiles with F1 targeting near-clean credit histories and F2 focusing on specialist properties.
- Lenders are encouraged to engage clients in leveraging these attractive rates for remortgage and purchase options.
Overview of Revamped Buy to Let Specials
In a significant move for property investors, Foundation Home Loans has revamped its Buy to Let Specials range, effective from 12th November
2024. This update introduces competitive rates across two distinct tiers aimed at accommodating diverse borrower needs. The F1 tier is specifically designed for individuals with a near-clean credit history, featuring two-year fixed-rate Specials beginning at
4.74% with a 4% fee, available at both 65% and 75% loan-to-value (LTV) ratios. For portfolio landlords, five-year fixed rates start at
5.19% with a higher 6% fee, also at the 65% and 75% LTV levels, alongside fee-assisted options from
5.39% with a 5% fee.
Conversely, the F2 tier caters to clients with specialist properties or those facing certain credit challenges, offering fixed rates for standard houses in multiple occupations (HMOs) and multi-unit freehold blocks (MUFB) beginning at
5.29% with a 3% fee. Tom Jacob, the director of product and marketing at Foundation Home Loans, emphasizes the range’s extensive options and anticipates heightened lender confidence following the recent national Budget. Jacob urges advisers to assist clients in navigating these attractive products, available for both remortgage and purchase applications, underlining that these offers represent some of the most competitive rates in the market today.
Benefits and Details of F1 and F2 Tiers
The introduction of these tailored tiers is expected to enhance access to property financing for a broader spectrum of landlords, particularly those who may have been underserved in the past. According to Jacob, the revamped Buy to Let Specials range aims to provide flexibility and choice, facilitating clients in optimizing their investment strategies. The competitive pricing in both tiers reflects the lender’s commitment to supporting property investors during a time of fluctuating interest rates, ensuring they have the tools necessary to thrive in the current housing market. Furthermore, the provision of fee-assisted options aims to alleviate some of the upfront costs for landlords, which can be particularly beneficial for those looking to expand their portfolios or refinance existing properties (Foundation Home Loans, 2024). This strategic move reinforces Foundation Home Loans’ position as a crucial player in the lending arena, enabling advisers to present their clients with robust financial solutions that cater to diverse scenarios.
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