Foundation Home Loans has announced several changes to its residential range for borrowers, including an increase in LTV from 75% to 80%, the launch of new five-year products, and a new offering for first-time buyers.

The intermediary-only lender suggested the products are aimed at residential borrowers who have less than straightforward requirements, including those with credit blips such as defaults and CCJs, as well as tho who may have been turned down by high-street lenders.
 
Foundation also said the new products and criteria changes will complement its existing range for specialist residential borrowers, which also includes two-year fixes and discounted variable rates with no early repayment charges (ERCs).
 
The changes to the lender’s specialist residential range follow similar recent increases to LTV bands, rate cuts and the introduction of a new five-year ‘fixed fee’ product in its buy-to-let proposition.

“Recent feedback from advisers suggests they’re seeing a growing number of clients who are not fitting the criteria requirements of the high-street and mainstream lenders,” Foundation director of marketing, Jeff Knight, commented.

“We therefore wanted to ensure they have a solution to help them and their clients. The increase in LTV to 80% and the introduction of new five-year options is a return to the residential proposition we offered pre-lockdown.

“Plus, our new products for first-time buyers ensures that the lifeblood of the market – new owner-occupiers – also have options if they are not able to secure a mortgage via the high street.”

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