Finance

Foundation Home Loans launches short term lets product

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10th July 2018
" Our new short term let product will provide landlords with increased flexibility as we head into the summer season."

Foundation Home Loans has added a new short term lets product to its buy-to-let range, available exclusively through Legal & General Mortgage Club.

The product is suitable for landlords looking to let out their properties on a short-term basis, without the need for an Assured Shorthold Tenancy agreement.

Two and five-year fixed rates start from 2.99% and are available up to 75% LTV for limited companies and individuals, and there is no minimum income required.

For this product, Foundation Home Loan’s standard product criteria and existing Interest Cover Ratios apply, based on a standard rental assessment.

Andrew Ferguson, commercial director at Foundation Home Loans, said: “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. 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.”

Danny Belton, head of lender relationships at Legal & General Mortgage Club, added: “Foundation Home Loans have worked with Legal & General Mortgage Club, and following feedback from our members, have 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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