The specialist buy-to-let (BTL) brand of Foundation Home Loans, Solutions by Foundation, has brought out a house in multiple occupation (HMO) range for more complex properties.
Solutions by Foundation’s HMO plus range is aimed at HMOs that need a commercial valuation; for instance, if a property has multiple kitchens.
The products can be used on properties with up to six occupants or bedrooms.
There are two specific products at 65% and 75% loan to value (LTV), available on two- and five-year fixed rate terms.
Two-year fixed rates start from 6.99% at 65% LTV and 7.09% at 75% LTV, while five-year fixed rates are priced at 6.44% at 65% LTV and 6.64% at 75% LTV.
All products are subject to a 2% fee.
Rental cover is offered at the lender’s standard 125% pay rate for basic-rate taxpayers and 145% for higher-rate taxpayers.
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 [that] could previously only be valued using a standard valuation, which meant they were often restricted to those [that] could be converted back to a family home for resale if necessary.”
He added: “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.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
