Foundation Home Loans are pleased to inform you that they now accept Consumer Buy to Let (CBTL) as standard criteria across their Buy to Let and Solutions by Foundation ranges.
CBTLs offer customers some of the protections that are in place for FCA regulated mortgage contracts such as being covered under the Financial Services Compensation Scheme. CBTLs are aimed at ‘accidental’ landlords who do not have any other buy to let properties but wish to obtain a BTL mortgage on a property that has either been inherited or has previously been occupied by the borrower or a related person.
CBTL would be applicable in the following circumstances:
- Property inherited from a relative
- Applicant/customer moved in with a partner and wants to keep the property and let it out
- Applicant/customer moving for work but wants to keep the property and let it out
- Applicant/customer remortgaging their current main residence on to a BTL mortgage, raising capital to purchase a new main residence.
CBTL only applies to individual applicants who are re-mortgaging their properties, so is not applicable to Limited Company or Portfolio Landlord applications.
Please feel free to contact us today to discuss our criteria or loan amounts
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