Foundation Home Loans has enhanced its residential product range, designed for intermediaries’ “more extraordinary cases”.

The intermediary-only specialist lender revealed it has simplified its range to rates with maximum LTVs of 65%, 75% and 80%.

Previously, the lowest rate of 2.79% was for a maximum LTV of 60%, although the lender indicated that this maximum LTV is now 65% to make it more accessible to more clients. Foundation has also increased its maximum loan size at the lower LTV level from £1.5m to £2m.
 
All products have had their initial rates extended by three months – to 31 January 2023 for two-year deals, and 31 January 2026 for five-year deals.
 
The latest changes follow last month’s introduction of 80% LTV versions of Foundation’s two and five-year fixed-rates for both existing borrowers and first-time buyers. 

Foundation director of marketing, Jeff Knight, commented: “The specialist residential market is undoubtedly changing and the likelihood is advisers will be seeing a significant growth in clients who, for many reasons, miss out on the mainstream or will have accumulated credit blips, perhaps as a result of the COVID-19 lockdown.
 
“Our products are for those with extraordinary circumstances, such as multiple income sources through to credit blips. These changes simplify our residential range, whilst building on our residential criteria improvements to include a far wider range of complex income types and sources, and we calculate interest-only affordability on an interest-only basis.
 
“These changes and pricing upgrades mean that Foundation has many competitive options for specialist residential borrowers and we would urge advisers to contact their regional account managers to discuss our offering with them.”

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