Foundation Updates
Latest! now offering mortgages for Key Workers
We are pleased to announce that as of today, Thursday 3rd August, we have further enhanced our owner-occupied proposition with the launch of products with enhanced loan-to-income (LTI) limits for Key Workers.
Key Worker product details:
- Up to 5.5 x income
- 2- and 5-year fixed rates starting from 7.04%
- Max loans of £1m up to 75% and £750k up to 85% LTV
- F1 range ‘Near mainstream’ credit tier
- One free standard valuation
- No application fee
- Reduced £595 product fee
Tom Jacob, Director of Product and Marketing at Foundation Home Loans, said:
“Key Workers are the life blood of the public sector, and it is vitally important they can access mortgages specifically for their needs, to ensure they can live close to their places of work so they can support their local communities and continue to provide the very best services to members of the public.
Borrowers in these professions tend to have very stable employment levels, however – and particularly in a higher interest-rate environment – potential borrowing based on income can be a difficult obstacle to get over, particularly if they have additional complexities which mean they just fall outside of mainstream lending criteria. This is why we are offering our specialist solution including enhanced LTI limits to borrowers who work in any one of our eligible Key Worker professions, which we believe will help these individuals purchase or refinance residential properties.
“We believe this is a unique borrower demographic that requires a specific product proposition and we are therefore very pleased to be launching these mortgages today, so Key Workers can keep living and working in their local areas and providing the services that are so vital to all communities.”
Foundation’s current service levels continue to average turnaround times of one day for DIP referral, application and underwriter review for all cases.
Look at our new key workers page
FOR INTERMEDIARIES ONLY
