Brilliant Solutions

Foundation Update

Foundation Home Loans has updated its range across the direct to lender and packaged range.  Brilliant Solutions offers fees free packaging across the range as well as direct to lender access with payment on completion. 

FOUNDATION HOME LOANS – FULL REFRESH OF RESIDENTIAL MORTGAGE RANGE, CUTS OF UP TO 70BPS – RAISED LTV BANDINGS – AND MORE OF RANGE OPEN TO FIRST TIME BUYERS 

Foundation Home Loans, the intermediary-only specialist lender, has today (15th June 2021) refreshed its residential product offering, reducing rates, increasing some loan to value bands and allowing first-time buyers to access more of the range.

Main changes to the Foundation residential proposition include:

  1. First time buyers can now access virtually all of the Foundation Home Loan residential range, including up to 90% LTV on the F1 tier (near mainstream credit) through to a limit of 75% LTV on the F3 tier.
  2. Reprice across the entire range including selected fixed rates reduced by up to 70bps.
  3. The Fee Assisted products, which are available on purchases and remortgages are now available up to 85% LTV and are accessible to more types of borrowers based on their credit history, and have a lower fee of £595 alongside their existing incentives of free valuation and no application fee
  4. Maximum LTV increased to 85% on discounted products (no early repayment charges)
  5. New maximum LTV for the F2 credit tier (for borrowers with credit blips) will be 85% and for F3 (for borrowers with credit problems) will be 80%

Foundation mortgages are designed for owner-occupiers with complex income and employment, the recently self-employed and those looking to maximise their affordability with up to 100% of a wide range of income types.  

Reasons to use Foundation for your next specialist residential case:

 Who for?

  • Self-employed – directors, partners and contractors; retained profits considered
  • Employed – no minimum term in current job (minimum 3 months employed)
  • Clients with multiple and unusual income sources
  • Holders of credit blips / lower credit scores
  • First time buyers

How much?

  • Maximum loan £2m
  • Maximum term 40 years
  • Maximum age 75 at end of term
  • No minimum income
  • Maximum number of applicants is 4 (immediate family)

What for?

  • Capital and repayment mortgages up to 90% LTV
  • Interest only, affordability calculated on an interest only basis up to 70% LTV
  • Capital raising for buy to let purchase accepted
  • A part and part mortgage up to 80% LTV

Resi Product Guide June 2021

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