According to the lender, the changes have been designed to provide more flexibility to landlord clients and include assessing missed payments on credit cards alongside simple communication blips and other revolving credit, widening the products available to first-time landlords who are looking to finance standard properties and products for clients with two, three or four missed revolving credit payments in the last 24 months.
The firm has also made a number of rate reductions across the buy-to-let range, in particular, five-year fixed rates are now priced from 2.89%. The remortgage specials also have their £125 fee waived in addition to retaining the free valuation and £250 cashback. End dates have also been rolled on to 30th April of their respective year, offering added value.
Foundation’s buy-to-let criteria currently includes an ICR of 125% of the pay rate for five-year fixed rates for limited companies. Their wider range of specialist buy-to-let products include solutions for portfolios, HMOs and short term lets.
Jeff Knight, Director of Marketing at Foundation Home Loans, said: “We have seen significant growth across our buy-to-let range in 2019, particularly in terms of servicing portfolio landlords and developing our limited company offering. We recently enhanced our residential criteria and are now doing the same for buy-to-let to ensure we continue to provide more solutions to more intermediaries in 2020. So, if intermediaries are looking for a home for their more complex buy-to-let cases, it’s solution found at Foundation.”
