Foundation Home Loans
Mortgage Type
ResidentialProperty 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 yearsMinimum Age
18 years oldMaximum Age
75 yearsFamily Cash Gift Deposit
Yes, immediate family membersFamily Gift of Equity Deposit
NoIncome (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)
NoDWP Tenants
No, this also includes DSS tenants.Ex-Local Authority Properties
Case by case only -minimum 75% in private ownership in blockMinimum 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 consideredPermanent rights to reside and remain
Yes - Min 3 years in the UK with permanent rights to remain or enterNew Builds
New build Houses accepted, New Build flats, or newly converted flats less than 2 years after first sale are not accepted.Credit Score
YesHistoric 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 2Countries
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 onlyType of Credit Search conducted at AIP stage
Hard foot printShared Ownership
NoRight to Buy (RTB)
NoDebt Management Plan
NoHelp To Buy (Shared Equity)
NoEx-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 acceptedPayday Loans
No active accounts or repaid loans within last 12 monthsRepayment Types
Interest only, Capital and repayment AND part and partLenders completion fee
Can be addedAffordability
Affordability based - has system calculatorEmployment
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