Foundation Home Loans has introduced consumer buy-to-let (BTL) as standard criteria across its Buy to Let by Foundation and Solutions by Foundation ranges.
Consumer BTL is usually found when a property is inherited from a relative, and the applicant or borrower has moved in with a partner and wants to let out the property or an applicant or borrower has moved for work but wants to keep the property and let it out.
Consumer BTL borrowing can also be suitable where an applicant or borrower is remortgaging their current main residence to a BTL mortgage, and is raising capital to purchase a new main residence.
Consumer BTL borrowing is only open to individual borrowers who are remortgaging their properties, not limited company or portfolio landlord applicants.
Tom Jacob, director of product and marketing at Foundation Home Loans, said: “Extending our criteria to include consumer buy-to-let as standard is a highly positive step for both our business and the broader buy-to-let market. This change allows us to serve the needs of ‘accidental landlords’ by providing them with the opportunity to secure a buy-to-let mortgage on a property they may have inherited or previously occupied.
“It’s a significant policy shift that enables us to address the needs of a larger segment of the landlord community, further solidifying our position as an innovative, trusted and forward-thinking lender in the buy-to-let space as we work towards meeting our ambitious lending targets for the remainder of 2024 and beyond.”
Last week, Foundation Home Loans announced a series of mortgage rate reductions across its residential products.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
