Foundation Home Loans has announced it is returning to new lending with the launch of a new set of both buy-to-let (BTL) and residential products, available to advisers and their clients from Monday 18 May.
The intermediary-only specialist lender said the move follows the return of its valuation partners to the market.
For BTL, Foundation revealed all products will be available to individuals and limited company borrowers, with a choice of both two and five-year fixed rates in its F1, F2 and F3 ranges, as well as for both HMO and Large HMO.
The lender’s new range also consists of new two-year BTL discount products which have no early repayment charges (ERCs) available for both F1 and F2 borrowers. Rates are starting at 2.94% for F1 borrowers at 60% LTV. The lender's new BTL range allows loans up to 75% LTV, has a standardised ICR of 145% at either 5.5% or pay rate, comes with a 2% fee, and reverts to bank base rate plus 4.99% at the end of their special terms.
Foundation has also launched a new specialist residential range offering both two-year fixed and variable-rate products for its F1, F2 and F3 borrowers.
Foundation director of marketing, Jeff Knight, said: “Since lockdown was brought in, we have continued to lend by processing our existing pipeline, completing in the region of £37m of lending in April alone.
“However, once lockdown began, we took the strategic decision to only allow new applications once we knew it would be possible to instruct physical valuations again. Therefore, given announcements made this week, it is really pleasing to say that we can now offer our products to new applicants once again and will formally launch our full range on Monday.”
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