"We have specific products for key workers, joint borrower sole proprietor, those buying or remortgaging energy-efficient homes, and a whole host of owner-occupiers"
- Tom Jacob, director of product and marketing at Foundation Home Loans
‘Residential by Foundation’, the residential brand of Foundation Home Loans, has reduced a number of rates across its product range by up to 30 basis points.
The lender has made 30 basis point cuts to its F1 – for those borrowers who just miss out on the mainstream due to historical credit blips - two and five-year fixed rate products for key workers. Rates now start at 6.09% with a £595 fee, one free standard valuation and no application fee. Foundation offer higher income multiples to a range of key worker borrowers
It has cut pricing across a number of its other fixed rate residential products including Green ABC+ products – for owner-occupiers purchasing or remortgaging energy-efficient properties with an EPC rating of C or above – by 10 basis points, with rates starting from 6.34% at 85% LTV with a £595 fee and a free standard valuation.
The lender has also cut rates on both its F1 and F2 – for borrowers who have recent credit blips - joint borrower sole proprietor (JBSP) products, with both two and five-year fixed rate products reduced by 10 basis points, now starting from 6.24% with a £795 fee. These products allow for up to four borrowers to be named on the mortgage, up to two of whom are named on the property deed.
Finally, the lender has launched a new two-year fixed rate product for professional borrowers, with options at both 75% and 85% LTV. Available within its F1 tier, Foundation’s professional mortgages offer a higher income multiple to a range of qualified professionals.
The new two-year professional products are available from 6.44% at 75% LTV and 6.74% at 85% LTV, both with a £995 fee. Foundation has also cut the rate on its five-year fix for professionals by up to 25 basis points, with the 75% LTV product now available at 6.14%.
Tom Jacob, director of product and marketing at Foundation Home Loans, said: “We’re acutely aware of the growing number of residential borrowers who are either just beyond the mainstream, or have unique circumstances and needs that can’t simply be met by ‘vanilla’ mortgage products.
“This is why we’re very pleased to be announcing a significant array of price cuts to a wide range of ‘Residential by Foundation’ products across all our borrower tiers. We have focused on expanding our range of specialist residential products, including these new products for professional borrowers, plus we have specific products for key workers, joint borrower sole proprietor, those buying or remortgaging energy-efficient homes, and a whole host of owner-occupiers who either want to get a first foot on the ladder or want to move up it.
“The second half of 2024 has now begun and we have a very positive outlook for the UK mortgage market for the rest of the year; those advisers seeking mortgage solutions for specialist residential borrowers should contact us to see how we can help meet their needs and circumstances.”
