Foundation Home Loans has announced that consumer buy-to-let (CBTL) mortgages are now accepted as standard criteria across its ‘Buy to Let by Foundation’ and ‘Solutions by Foundation’ product ranges.
The following scenarios are typical of a consumer buy-to-let: A property inherited from a relative; when an applicant/customer has moved in with a partner and wants to let out the property; if an applicant/customer is moving for work but wishes to keep and let out the property; and when an applicant/customer is remortgaging their current main residence to a buy-to-let mortgage, raising capital to purchase a new main residence.
CBTL only applies to individual applicants who are remortgaging their properties. It is not applicable to limited company or portfolio landlord applications.
Commenting on the launch Foundation Home Loans director of product and marketing Tom Jacob 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.”
He added: “It’s a significant policy shift that enables us to address the needs of a larger segment of the landlord community.”
