Foundation Home Loans has announced that consumer mortgages to let (CBTL) are now accepted as standard criteria for 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 family member; when an applicant/customer has started living with a partner and wants to rent out the home; if an applicant/client is moving for work, but wants to keep and rent out the home; and where an applicant/client converts their current main home into a buy-to-let mortgage, raising capital to purchase a new main home.
CBTL only applies to individual applicants remortgaging their properties. It does not apply to applications for limited liability companies or portfolio lessors.
Commenting on the launch, Foundation Home Loans product and marketing director Tom Jacob said: “Expanding our criteria to include consumer buy-to-let as standard is a very positive step for both our business and the wider buy-to-let market. This change allows us to meet the needs of ‘casual landlords’ by offering them the opportunity to take out a buy-to-let mortgage on a property they may have inherited or previously occupied.”
He added: “It is an important policy change that allows us to meet the needs of a wider segment of the landlord community.”