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 WELCOMES MORE OF YOUR RESIDENTIAL CLIENTS WITH NEW BROADER CREDIT TIERS AND PRODUCT RANGE
As of today, (Tuesday 27th September 2022) Foundation Home Loans are pleased to announce that
they have updated their credit criteria in order to continue to meet our target borrowers’ evolving
needs by being able to accommodate the additional credit blips and instances which may have
occurred in recent years.
Foundation have also introduced a new F4 tier to open up their products to a broader group of
customers and deliver additional options that they may not have had access to previously.
The new range provides a greater number of product options for the borrowers who have an
impacted credit score and have experienced more recent life events, but have shown they are able
to make their mortgage payments.
The F1-F4 range includes:
- Enhanced credit criteria and all new F1-F3 product range
- New range of F4 credit tier products up to 75% LTV
- Rate reductions of up to 60bps for selected residential discount products, now from 4.39%
(reversion-2.85%) discount up to 65% LTV - New 75% LTV Green EPC A-C from 4.54% (reversion-2.70%) 2 year discount
- Professionals range at 75% LTV now from 4.44% (reversion-2.80%) discount
For some borrowers, the realignment of permitted credit events in each tier means that they may be
offered a better product than they may have before the change.Reasons to use Foundation for your next specialist residential caseWho 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
- Eligible Professionals looking for up to 6 x income
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
On Thursday 29th September 2022 at 5:30pm we will be withdrawing all BTL rates and replacing them with new rates on Friday 30th September. The BTL 2 year fixed rates are being withdrawn and not replaced.
Any DIPs on the current products will need to be submitted by 5.30pm on Thursday 29th September, which will secure the product until 5.30pm on Tuesday 4th October 2022. The DIP must be converted to a full FMA and submitted before 5.30pm on Tuesday 4th October.
DIPs relating to these current products which have not been converted to FMA and submitted by 5.30pm on Tuesday 4th October will no longer be valid.
FOUNDATION HOME LOANS REDUCES 2 YEAR DISCOUNT RATE BY 25BPS AND LAUNCHES NEW EARLY REMORTGAGE PRODUCT
As of Friday 30 th September 2022, Foundation Home Loans have made changes to their Buy to Let
products for purchase and remortgage. The changes to the range include:
- A reduction to the F1 75% 2-year discount rate of 25bps, pay rate now from 4.19%
(reversion-3.05%) - NEW: F1 5 year fixed Early Re-mortgage product
- New discount rates at 75% for F2 standard applicants, standard HMO's and Short Term lets
from 4.64% (reversion-2.60%)
George Gee, Managing Director (Commercial) at Foundation Home Loans, said:
We have cut our discount product pricing which should provide a competitive option for those landlord
clients seeking two-year buy-to-let mortgages.
“Our service remains at very high levels which will allow us to work quickly on behalf of advisers over
the next few days, and we want advisers to know we are here and ready to help them in order to get
the best outcomes for their landlord clients.
“Foundation’s appetite to lend in the buy-to-let space remains undimmed and we are introducing new
discount rates plus reintroducing our early remortgage offering in order to support advisers and their
client’s activities during what is, undoubtedly, a somewhat uncertain mortgage environment.
“We would therefore urge advisers to contact Foundation so that we can best support them and meet
their requirements in the days ahead.”