Foundation Home Loans has added five products to its residential range to provide more options for first-time buyers as well as home movers with recent credit blips.

The intermediary-only specialist lender revealed the changes include 80% LTV versions of the lender’s two-year and five-year fixed rate residential products.

There is also a new two-year variable discount which offers borrowers the freedom to remortgage at any time with no ERCs, as well as two new first-time buyer products with lower product fees.
 
Foundation director of marketing, Jeff Knight, commented: “Current market conditions dictate that lenders have to be agile and adapt to the ever-changing needs of borrowers and our intermediary partners.

“Therefore, we have introduced a number of 80% LTV options to meet growing demand from a range of borrowers who have suffered recent credit blips, such as late payments on credit cards, mail order goods, telecommunications, utilities or unsecured loan arrears.
 
“Minor credit blips will continue to push some borrowers beyond the realms of mainstream lending but that doesn’t mean they are not credit-worthy, and that their property related needs should be ignored.

“We also believe that demand for specialist first-time buyer products is increasing and with borrowers still struggling to raise deposits, these products need to be designed to help reduce upfront costs where possible.”

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