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:
- 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.
- Reprice across the entire range including selected fixed rates reduced by up to 70bps.
- 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
- Maximum LTV increased to 85% on discounted products (no early repayment charges)
- 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:
- 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
- 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)
- 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