Foundation Home Loans announces new limited edition products in the residential and buy-to-let sectors.
- New holiday let five-year fixed rate product available at up to 75% LTV with a 6.24% interest rate.
- Remortgage-only fixed rate products introduced for borrowers with non-mainstream credit history.
- Products aim to support landlords with portfolio diversification, especially in holiday lets.
- Fee-assisted options provide financial flexibility for two- and five-year fixed plans.
Foundation Home Loans has unveiled a series of new limited edition products within its residential and buy-to-let categories, aiming to cater to a diverse range of borrower needs. This move includes innovative new products specifically targeting the holiday let sector.
A significant highlight is the five-year fixed rate product for holiday lets. This product is accessible up to 75% loan-to-value (LTV) and features a fixed interest rate of 6.24%. An additional fee of 2.25% is applicable, reflecting the competitive edge of this offering. The introduction comes on the heels of a recent relaunch of several special offers by the company, characterised by revised rates.
Another notable addition is the remortgage-only fixed rate products under the residential brand. These are designed for borrowers who, due to slight credit history issues, fall just short of mainstream borrowing criteria. The offerings include two and five-year fixed rate options, with loan availability up to 65% LTV, starting from 5.99% with a fixed fee of £595.
Tom Jacob from Foundation Home Loans has articulated the strategic intent behind these products. He emphasised the continuing priority of portfolio diversification among landlord borrowers, particularly in the holiday let arena. Jacob highlighted the significant volume of mortgages expected to mature not just within this year, but extending into 2025 as well.
These new options are specifically tailored to assist those nearing the end of their current mortgage terms who might not align with conventional lending parameters. With fee-assisted structures, the two and five-year fixed options offer added value and flexibility, enhancing adviser’s ability to deliver favourable solutions.
These innovative financial products underscore Foundation Home Loans’ commitment to meeting the evolving needs of its diverse client base.
