"There is undoubtedly a growing demand in the residential space, and Foundation is looking to meet this demand"
Foundation's residential range is designed to meet the needs of borrowers with complex income and employment such as the recently self-employed and those looking to optimise their affordability with up to 100% of a wide range of income.
Foundation is launching two new 85% LTV standard residential products with a two-year fix priced at 4.34% and a five-year fix at 4.69%, both with a £995 fee.
Additionally, existing 80% LTV product rates in its near-mainstream range for both standard and first-time buyer clients have been cut.
Highlights include a two-year fix which has reduced from 3.79% to 3.64% and a five-year fix cut from 4.29% to 4.04%, both with a £995 fee. A two-year 1.55% discount rate product has also been reduced to 3.54%, down from 3.69%, with a £995 fee.
On the lender's first-time buyer only products, a two-year fix has been cut from 3.89% to 3.79% and a five-year fix from 4.39% to 4.19%, both with a £595 fee.
George Gee, commercial director at Foundation Home Loans, said: “There is undoubtedly a growing demand in the residential space, and Foundation is looking to meet this demand with keen pricing on our near-mainstream 80% LTV rates, and the introduction of two new options at 85% LTV.
"With 2020 having a significant impact on many individuals’ income and the financial situation of many existing borrowers, we anticipate an increased number of clients will require specialist residential finance. Our full, highly-competitive, residential range is available to both purchasers and remortgagors who do not meet stricter mainstream mortgage criteria and individuals who have historical credit blips.”
