A recent case highlights how Foundation continues make mortgages happen for brokers and landlords in complex scenarios, helping to turn challenging applications into successful outcomes.
The case involved the purchase of a one-bedroom flat in Glasgow, valued at £110,000. While the property was situated in a highly desirable area and delivered a high rental income of £725 per month, equating to an impressive 7.9% yield, it faced a significant hurdle due to its proximity to commercial premises, including a pub on the ground floor.
Initially, the case faced obstacles at the valuation stage due to the surrounding commercial presence. However, following enhancements to Foundation’s Property Plus proposition, developed in collaboration with valuation partners Connells and e.surv, the application was revisited under updated criteria.
Foundation’s revised approach enables valuers to take a more holistic view of specialist properties, recognising that while they may fall outside high street lending norms, they can still represent strong, in-demand investment opportunities for landlords.
As part of the process, the case was seamlessly transferred onto the Property Plus product, allowing it to progress without disruption. The property was subsequently valued by Connells at the agreed purchase price, enabling the landlord, an experienced portfolio borrower, to proceed with the acquisition.
The case also reflects Foundation’s commitment to evolving its propositions in response to broker feedback, ensuring more cases can progress where there is clear investment merit, even if they fall outside traditional lending criteria.
Ultimately, it reinforces the lender’s focus on supporting brokers with greater flexibility and helping landlords access funding for suitable specialist properties, continuing to deliver on its aim of making mortgages happen.
“Foundation was the only lender that met all the requirements, so when the case was initially declined on a standard product because the property was above commercial premises, I panicked as I had nowhere else to place it. Thankfully, the underwriter suggested switching to Foundation’s Property Plus range, and the application was accepted without any issues. The deal then went through smoothly.”
Reagan Hamilton, Mortgage and Protection Consultant at Clear Vision mortgages
“Thanks to our enhancements to our Property Plus proposition, we were able to revisit this case and help the broker get it over the line for her client who was struggling to find an alternative home for it.”
Fiona Roberson, Regional Account Manager at Foundation
“Working closely with Foundation, and seeking to support them in achieving their lending goals, we were able to get this case over the line by taking a holistic and robust approach to properties that remain in strong demand among landlords. I believe it was Foundation’s Property Plus proposition that ultimately made the difference, which enabled them to say yes where other lenders might have declined.”
Ben Leroy, Client Services Director at Connells
“This case demonstrates the value of taking a specialist view on property. Assets like this can deliver higher yields than standard buy-to-let properties, making them an attractive option for landlords looking to strengthen portfolio performance when assessed appropriately.”
Nathan Goodridge, Head of Sales
