Foundation Home Loans, the intermediary-only lender, has recently expanded its F2 buy-to-let range with the introduction of the ‘Extra’ series. These new products are specifically tailored to address the unique needs of landlords and more unconventional property types.
The F2 buy-to-let proposition, suitable for both portfolio and non-portfolio landlords with past credit issues, now includes the ‘F2 Extra’ products. This extended range encompasses solutions for Extra Large HMO properties (those with nine or more bedrooms), Holiday Lets, Extra Large Portfolios, and Extra Large Loans.
After a pilot test with select buy-to-let partners and packagers, Foundation Home Loans is now making these products available to all advisers. The F2 Extra products, designed for both purchase and remortgage purposes, offer various options. For instance, the Extra Large HMO products have fixed rates starting from 7.04%, available for up to 65% loan-to-value (LTV).
The Holiday Let Extra and Extra Large Portfolio products begin with fixed rates from 6.94%, available for up to 70% LTV. Additionally, the Extra Large Loans start at fixed rates of 6.89%, also available up to 70% LTV.
In a policy shift, Foundation Home Loans has also removed the £5m cap on aggregate portfolio borrowing.
This change means that their Core products can now be used for portions of large portfolios under £5m, while the F2 Extra products are available for the portion exceeding this amount. For example, a client transferring an £8m portfolio to Foundation could allocate the first £5m to Core products, with the remaining £3m directed to F2 Extra Large Portfolio products.
Tom Jacob, director of product and marketing at Foundation Home Loans, said: “These new product options – now available to all advisers – plus our criteria changes for Extra Portfolio and Extra Large Loans, allow us to broaden the buy-to-let mortgage choice to advisers and their landlord borrower clients, and are specifically designed for landlord requirements or property types beyond those catered for in the specialist market.
“We believe this opens up wider finance options in these spaces for landlords to utilise in either purchasing or remortgaging, and we believe they will be particularly relevant for those who might ordinarily have to use costlier lending options.
“As advisers will know, we take an individual approach to underwriting of more complex buy-to-let cases, and have the ability to assess the whole case on its merits, considering the landlord’s entire property portfolio as required.
“Applications received on these F2 Extra products will be managed by a dedicated team of experienced underwriters familiar with complex property types and niche areas, and we will be maintaining our strong service levels in this area.”
