Foundation Home Loans has announced it is launching new buy-to-let (BTL) standard HMO, large HMO, as well as multi-unit blocks (MUB) exclusive products for its major packager partners.

The intermediary-only lender revealed the products are both two-year variable offerings and priced at 3.34% up to 65% LTV, or 3.69% up to 75% LTV for standard HMOs.

For Large HMOs or MUBs – which includes HMOs to a maximum of eight bedrooms and MUBS to a maximum of 10 units – the rate is 3.44% up to 65% LTV, or 3.79% up to 75% LTV.

Foundation stated that its new products are for the exclusive and sole use of its packager partners and are available immediately. The lender added suggested the products complement its other two-year discount BTL products which also come with no ERCs.

Foundation director of marketing, Jeff Knight, commented: “We’re in constant dialogue with our packager partners and will seek to respond quickly where possible to present solutions for the demand they are seeing in the market.

“That being the case, we’re able to launch these exclusive products for packagers which provide further product options for landlord borrowers seeking either standard HMO or large HMO/MUB finance.

“We’re also conscious that the circumstances for landlord borrowers during 2020, and for the foreseeable future, might be very different to what they could be in 12 to 18 months’ time. This is why these variable products come with no ERCs which will allow landlord borrowers, should things change in the future, to potentially remortgage at a later date with no charges to pay.”

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