Specialist lender Foundation Home Loans has launched into the residential mortgage market with a new product range, designed for more complex borrowers.
As revealed in Mortgage Strategy earlier this year, the new firm, which launched as a buy-to-let lender in 2015, had plans to launch into the residential space this year.
The new products are available through Foundation’s existing distribution partners and will be offered in addition to the lender’s current buy-to-let proposition.
The standard range is targeted at those with some previous blips on their credit profile but no CCJs or mortgage arrears within the last two years. The specialist range is aimed at those with more recent blips on their credit rating.
The lender’s standard residential range includes a two-year fix at 2.99 per cent to 70 per cent LTV with a £995 arrangement fee.
Foundation’s residential specialist range includes a two-year fix at 3.24 per cent to 70 per cent LTV, also with a £995 fee, while the residential first-time buyer range starts from 3.24 per cent for a two-year fix to 70 per cent LTV, with a £995 fee.
Foundation Home Loans director of marketing Jeff Knight (pictured) says: “It is an exciting time to be part of the team at Foundation as we continue to deliver growth. We have gained a strong reputation within the buy-to-let market and we want to transfer our straightforward, pragmatic approach to the residential market, targeting a sector in the market that we believe is growing.”
The lender has also rebranded, saying the new look will “reflect a strategic repositioning within the market.”