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.
According to Foundation, the following scenarios are typical of a CBTL mortgage:
- Property inherited from a relative.
- Applicant/customer moved in with a partner and wants to let out the property.
- Applicant/customer moving for work but wishes to keep and let out the property.
- Applicant/customer 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.
Tom Jacob (pictured), 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.”
