"We believe options beyond just price, such as criteria and add-ons like fee assisted legals, will be crucial in making a significant difference to household finances."
- Grant Hendry, director of sales at Foundation Home Loans
Foundation Home Loans has launched a new fee-assisted legal service available to borrowers remortgaging to the lender across a range of standard residential products.
The new service – offered on both two and five-year fixed-rate remortgage-only limited edition products – offers clients the opportunity to secure the services of a solicitor without the burden of finding and employing one, plus a number of basic legal costs are covered.
Remortgaging borrowers who utilise the service secure a new rate, assistance with legal fees for loans up to £1m, plus the limited edition products also come with a free valuation and no application fee.
The new products/legal service are suitable for both employed and self-employed applicants as part of Foundation's F1 tier – for those who just miss out on the mainstream – with rates starting from 5.94%.
The service is available in England and Wales only, with a cashback option available in Scotland, and for non-standard legal requirements.
Foundation said it believes advisers should prepare for growth in existing borrower business through 2025, with more clients potentially able to secure suitable deals through a different lender.
Grant Hendry, director of sales at Foundation Home Loans, commented: “The remortgage market is expected to become more competitive over the next couple of years, especially if rate cuts materialise more frequently. We believe options beyond just price, such as criteria and add-ons like fee assisted legals, will be crucial in making a significant difference to household finances.
"We have therefore launched this fee-assisted legal service, available to borrowers remortgaging to Foundation across a number of standard remortgage-only residential products and designed to save advisers’ clients valuable time by simplifying the process and covering basic costs. We believe the introduction of such a service will ensure a smoother legal experience for those who choose the service, while also reducing the upfront financial burden for these borrowers.”
