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.
PRODUCT WITHDRAWAL NOTICE
On Wednesday 18th January 2023 at 5:30pm we will be withdrawing all residential and buy to let rates and replacing them with a new range on Thursday 19th January 2023.
Any DIPs on the current products will need to be submitted by 5.30pm on Wednesday 18th January, which will secure the product for 5 working days until 5.30pm on Wednesday 25th January 2023. The DIP must be converted to a full FMA and submitted before 5.30pm on Wednesday 25th January 2023.
DIPs relating to these current products which have not been converted to FMA and submitted by 5.30pm on Wednesday 25th January 2023 will no longer be valid.
All Application fees and Valuation fees must be paid within 5 working days of the submission of a Full Mortgage Application. FMAs which do not have their Application fee or Valuation fee paid by 5.30pm on the 5th working day after submission, will no longer be valid
FOUNDATION HOME LOANS LAUNCH NEW PRODUCTS ACROSS RESIDENTIAL AND BUY TO LET RANGE
As of today Thursday 19 th January, we have launched new residential and buy to let product ranges
for purchase and remortgage.
The new residential range includes:
- 2- and 5- year fixed rates across our F1 and F2 credit tiers
- Fixed rates from 7.39%
- Up to 65% LTV
- £1,495 product fee
- Maximum loan size of £1
The new buy to let range includes:
- 2- and 5- year fixed rates for both individuals and limited companies across our F1, F2 and
‘standard’ HMO range - Fixed rates starting at 6.64%
- Up to 75% LTV
- 2% product fee
- Maximum loan size of £1m
We are changing how we assess Land and Property income on Residential
As a responsible lender, we are changing how we assess Land and Property income used for Residential (Owner occupier) affordability calculations.
With immediate effect (Wednesday 18th January), we will take into account Profit from Land and Property LESS the finance cost.
When keying the DIP or mortgage application onto the portal, please key the profit from land and property figure LESS the finance costs. Failure to do so could result in reduced affordability once any application is assessed.