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 their target borrowers’ evolving needs by being able to accommodate the additional credit blips and instances which may have occurred in recent years.
Foundation has also introduced a new F4 tier to open up its 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 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.
George Gee, Managing Director (Commercial) at Foundation Home Loans, said:
“As part of the development of this product proposition, we analysed thousands of credit points on data that represented the current owner occupier mortgage market and we believe that, with this
broadening of our criteria, we are able to cater for more than 85% of residential borrowers that may need a specialist solution.”
At Foundation, you can now find a home for even more of your near-mainstream borrowers who have had recent issues due to events in the past few years.
You can find out more by checking out the latest product guide today.
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
- 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