Foundation increases limits on total portfolio lending exposure, and eases ICR and LTV restrictions on background portfolio.

We are pleased to share this update from Foundation:

As of today, Thursday 1st July, we have increased the maximum value of the total portfolio that your portfolio landlord can hold with us as standard from £3 million to £5 million.

Additionally, via select portfolio partners and packagers only, we are pleased to announce that we are making the following improvements to how we underwrite background portfolios:

  • Proof of income is now no longer required if the rental income for a portfolio covers the total mortgage payments at 100% ICR
  • Rental cover required for background portfolio now only 100% (was 125%)
  • The total LTV of the portfolio can now be 100% (was previously 80% LTV)
  • Because cases are assessed on their individual merits, proof of mortgage payments may not be required in all instances
  • Easier uploading of portfolios over 10 properties – simply upload your portfolio to EDM or email it to FHL@foundationhomeloans.co.uk for us to format it and upload it for you

Please note that because these new criteria will remain a manual process in the short term, your DIP may DECLINE in the first instance, however, as long as your DIP decline is just for portfolio rental cover or portfolio maximum LTV, we will be alerted to manually override this and call you back within 24 hours, so please DO NOT re-DIP.

In order to capture all of this, please ensure you submit the portfolio template at Full Mortgage Application stage – this will allow us to underwrite using the new streamlined process.

Foundation continues to make improvements to make it easier for you to do more business with us, and we look forward to hearing from you.

Why use Foundation for your next BTL case?

  • Individual or limited company
  • Limited companies with complex structures
  • Up to 4 directors
  • Newly incorporated limited companies acceptable
  • ICR of 125% for limited company borrowers and basic rate taxpayers and 145% for others
  • No minimum term of employment/self-employment and no minimum income
  • Up to 80% LTV on core range
  • Loans up to £2M on core range
  • No limit to portfolio size, subject to max borrowing of £5m with us
  • Cater for specialist properties such as HMOs, short term lets and Multi Unit Blocks
  • HMOs: up to 8 bedrooms and MUBs: up to 10 units
  • Products for first time landlords
  • Ex-pats considered for limited companies only
  • Green Mortgages available for the remortgage of properties with an EPC rating of C or above

 

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