Foundation Home Loans widens criteria on professionals range

Foundation Home Loans has widened the criteria for its professionals mortgage range with enhanced loan-to-income limits and expanded eligible professions.

Related topics:  Mortgages
Rozi Jones
21st June 2022
House money pound price growth
"This is all about helping professional borrowers to secure the mortgage finance they need, particularly those first-time buyers who are looking to get onto the ladder for the first time."

The lender’s professionals range allows first-time buyers, home movers and remortgagers in eligible professions to borrow up to six times their income.

Foundation is broadening its list of eligible professions to now include chartered tax advisers, optometrists, radiographers (diagnostic) and chiropodists.

The lender defines a professional as someone currently practicing and holding a relevant qualification, and its list of eligible professions also includes accounting, actuarial, medical, legal, surveying, architecture and engineering, amongst others.

It is also removing the previous age restriction of 25 for eligible borrowers and reverting to the same minimum age as its standard residential mortgage range of 18.

Professionals can now borrow up to 90% LTV for loans up to £500,000. The lender has also increased the maximum loan to £1 million at 75% LTV.

Foundation currently offers three product options within the professionals range including an ERC-free two-year discount, plus two and five-year fixed-rates, all with one free standard valuation and a product fee of £1,495.

A maximum of two applicants per mortgage are permitted on professionals mortgages at Foundation, only one of whom needs to be an eligible professional.

George Gee, commercial director at Foundation Home Loans, said: “Since we launched the professionals mortgage range towards the end of last year, we have seen strong uptake as well as feedback on how we might broaden the proposition to allow more borrowers to secure these products.

“This has led us to expand the eligible professions and to look at moving our maximum age down to the same as our standard residential offering. To be eligible for the mortgage, borrowers need the relevant qualifications from their professional body.

“This is all about helping professional borrowers to secure the mortgage finance they need, particularly those first-time buyers who are looking to get onto the ladder for the first time. We believe these criteria changes will ensure we are able to help a wider group achieve this.”

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