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Foundation Home Loans

Mortgage Type

Residential

Property Value (min)

£75,000

Advance (min)

£50,000

Advance (max)

Max 90% LTV up to £500,000 (F1 Range only)
Max 85% LTV up to £750,000
Max 80% LTV up to £750,000
Max 75% LTV up to £1,000,000
Max 65% LTV up to £2,000,000

Up to 85% LTV, part and part up to 80% LTV

Term (Max)

40 years

Minimum Age

18 years old

Maximum Age

75 years

Family Cash Gift Deposit

Yes, immediate family members

Family Gift of Equity Deposit

No

Income (min)

No minimum income.

Up to 75% LTV, even for debt consolidation and not DTI ratio, and we also lend up to 70% interest only.
100% of benefit income is taken into account, provided there is an earned income on the application and children are 14 or below.


Latest 1 year’s accounts accepted; retained profits considered
Wide range of income types accepted up to 100% including bonus, overtime and commission, investment, trust, net rental and retirement income.

Restrictions

Debt consolidation up to 85% LTV for Residential mortgages.

Let to Buy (Turning Residential into Buy to Let)

No

DWP Tenants

No, this also includes DSS tenants.

Ex-Local Authority Properties

Case by case only -minimum 75% in private ownership in block

Minimum years remaining on leasehold property

50 years remaining on the lease at the end of the mortgage term.

Minimum Ownership

6 months minimum ownership before remortgage considered

Permanent rights to reside and remain

Yes - Min 3 years in the UK with permanent rights to remain or enter

New Builds

New build Houses accepted, New Build flats, or newly converted flats less than 2 years after first sale are not accepted.

Credit Score

Yes

Historic CCJ’s & Defaults

DEFAULTS:
F1: 0 in 36; Unsatisfied defaults within the last 36m are accepted where the cumulative value is below £250 and relates to mail order, comms and utility payments. All other defaults must be satisfied.
F2: 0 in 24; Unsatisfied defaults within the last 24m are accepted where the cumulative value is below £250 and relates to mail order, comms and utility payments. All other defaults must be satisfied.
F3: 0 in 12; Unsatisfied defaults within the last 12m are accepted where the cumulative value is below £250 and relates to mail order, comms and utility payments. All other defaults must be satisfied.

CCJs:
F1: 0 in 36; All CCJs must be fully satisfied at the time of application
F2: 0 in 24; 1 unsatisfied (if older than 24m) to the value of £200 otherwise must be satisfied at application
F3: 0 in 12; 1 unsatisfied (if older than 12m) to the value of £200 otherwise must be satisfied at application

CREDIT CARDS, COMMS, MAIL ORDER, UTILITIES ARREARS (Must be up to date on application):
F1: Worst status 2 in 36 per account; 0 in 12
F2: Worst status 2 in 24 per account
F3: Worst status 2 in 12 per account

UNSECURED LOAN ARREARS (Must be up to date on application):
F1: 0 in 36
F2: Worst status 1 in 24 per account
F3: Worst status 2 in 12 per account

CCJ's - 0 within 24 months.
All CCJ's/Defaults must be fully satisfied at the time of application.

F3 - Recent adverse credit, within 24 months.
2 CCJ's/Defaults in 24 months up to the value of £2,000. (£500 in the case of debt consolidation).
All CCJ's/Defaults must be fully satisfied at the time of application.

Valuation Fees

Valuation fees paid direct to lender at the lender fee scale.

Maximum number of applicants

Maximum 2

Countries

Will lend in England, Scotland and Wales.

Access

Access to Foundation Home Loans is available via selected packagers only.

Missed mortgage payments

0 in 36; ignored after 36 months on all product ranges.

Property Type / Commercial

No HMO's and multi units. They offer true no minimum income BTL lending.

Also - a First time landlord product is available for non-owner occupiers, however not for first time buyers. Foundation Home Loans define a first time buyer as someone who has never owned a property – either outright, or with a mortgage – ever. First time landlord is someone who has not owned a buy to let property within 2 years prior to application for this lender.

Location

Will lend in England and Wales only

Type of Credit Search conducted at AIP stage

Hard foot print

Shared Ownership

No

Right to Buy (RTB)

No

Debt Management Plan

No

Help To Buy (Shared Equity)

No

Ex-Bankrupts

Only on F3 product range - Must be discharged at least 36 months ago.

IVAs

Only on F3 product range - Must be discharged at least 36 months ago.

Repossessions

Not accepted

Payday Loans

No active accounts or repaid loans within last 12 months

Repayment Types

Interest only, Capital and repayment AND part and part

Lenders completion fee

Can be added

Affordability

Affordability based - has system calculator

Employment

No minimum requirement for current job, however, borrowers must have a minimum of 3 months employment history.

Job dependent - up to 100% bonus and commission, investment income or BTL rental income considered.

3 months minimum employment required.

Self Employed

1 years trading required - range dependent.

Latest 1 year’s accounts accepted; retained profits considered
Wide range of income types accepted up to 100% including bonus, overtime and commission, investment, trust, net rental and retirement income.

Consider retained profit

Share of Dividends Yes
Share of Directors remuneration Yes
Share of directors car allowances No
Share of directors pension contributions No
Share of use of home as office No
Share of private health insurance No
Share of spouse's income (sole app) No
Operating profit No
Retained net profit No
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