Foundation Home Loans launches ‘Green Reward’ remortgage

Foundation Home Loans has launched a ‘Green Reward’ remortgage as part of its residential range.

The intermediary-only specialist lender revealed the offering will be available to existing owner-occupier borrowers who have made improvements to their home and subsequently raised their Energy Performance Certificate (EPC) rating to a ‘C’ or above.

Foundation confirmed that a two-year fix is available at 3.24% for 75% LTV and 4.39% for 85% LTV, while a five-year fix is at 3.59% for 75% LTV, and 4.74% for 85% LTV.
The ‘Reward’ element of the product is £750 cash back on completion as well as a reduced product fee of £595, normally £995, with the products only available on a capital and interest repayment basis.
The lender said it wanted its remortgage offering to act as a “further catalyst” to support the reduction of the carbon footprint from UK residential properties.

Foundation commercial director, George Gee, said: “Having launched our ‘Green Reward’ remortgage offering for landlords during February, we’re now able to expand our green offer to residential borrowers with both 75% and 85% LTV products over two- and five-year terms, providing a greater degree of choice for those borrowers who are not able to access high-street lenders, but who undoubtedly should be rewarded for improving the energy efficiency of their home.

“The benefits in terms of reducing the carbon footprint and cutting down on energy bills are plain and obvious but homeowners can now benefit via their mortgage as well, and therefore this should be a further incentive to look at a property’s current EPC rating.

“When the low product fee and cash back are taken into account, these products’ total cost overall will tend to work out more advantageous for those homeowners who have secured the better EPC rating in the last 24 months. We believe this gives advisers another set of excellent choices for those clients who fill the bill.”

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