Foundation Home Loans are pleased to announce that as of today Thursday 13th June 2024, they have launched “HMO PLUS”. A new set of HMO products from Solutions by Foundation, for HMOs up to 6 occupants, which are slightly more complex than normal so require a commercial valuation. e.g. properties with multiple kitchens.
NEW PRODUCTS
- 2-year fixed rates at 6.99% up to 65% and 7.09% up to 75% LTV with a 2% fee
- 5-year fixed rates at 6.44% up to 65% and 6.64% up to 75% LTV with a 2% fee
Foundation have also made some changes to the Solutions range and these can be found in our product guide.
Why use Solutions by Foundation for “HMO Plus” mortgages?
- Valued by our commercial valuation partners – Appraisers
- Up to 6 occupants/bedrooms
- Rental cover at our standard 125% and 145% cover
- Max 75% LTV
[Have a case to discuss? Contact us today!]
Tom Jacob, Director of Product and Marketing at Foundation Home Loans, said:
“We are pleased to be able to offer landlords a brand new range of products, ‘HMO Plus, which gives them the capability to have a commercial valuation on an HMO, up to six occupants/bedrooms. This allows landlords to consider a much broader range of properties, beyond those which could previously only be valued using a standard valuation which meant they were often restricted to those which could be converted back to a family home for resale if necessary.
“Landlords are diversifying much more now, which means an increased appetite for a range of different property types; we are pleased to say with ‘Solutions by Foundation’ we are now able to broaden our criteria to meet their needs. This allows us to offer advisers a finance route for their landlord clients who have a real appetite to diversify into more complex HMO buildings as many are doing in order to ensure they maximise rental yield and profitability on their portfolio properties.”