New deals target borrowers with minor credit issues
Foundation Home Loans has announced new limited edition mortgage products under its ‘Buy to Let’ and ‘Residential’ brands, offering brokers and borrowers expanded options in the specialist lending market.
Under its ‘Buy to Let by Foundation’ brand, the lender has introduced a five-year fixed rate holiday let product aimed at clients financing specialist property types.
The product is available up to 75% loan-to-value (LTV) at a rate of 6.24% with a 2.25% fee. This launch follows the brand’s recent relaunch of its Specials range with updated rates.
For its residential arm, Foundation Home Loans has launched new limited edition remortgage-only products under its ‘Residential by Foundation’ brand.
Designed for F1 borrowers — those who narrowly miss mainstream mortgage approval due to past credit issues — the products include two- and five-year fixed-rate options available up to 65% LTV. Rates start at 5.99% and feature a fixed £595 fee with fee-assisted benefits.
Tom Jacob (pictured), director of product and marketing at Foundation Home Loans, said the launch of the new products was made in response to growing demand in key segments.
“Diversification of portfolios has continued to be a key priority for many landlord borrowers, particularly in areas such as holiday lets,” he pointed out.
“Also, as we know, there is a significant number of mortgages due for maturity not just over the course of the rest of 2024 but also throughout 2025. These new limited edition remortgage-only products will suit those borrowers who are coming to the end of their current deals and, for whatever reason, just miss out on the mainstream.
“They will benefit from these fee-assisted options for both two- and five-year fixes and provide advisers with further specialist mortgage products to deliver positive outcomes for their clients.”
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