The specialist lender will now provide loans to borrowers up to the age of 80, an increase from the previous maximum age of 75. Foundation said this would support borrowers working later in life, who have changed retirement plans or need more flexibility around mortgage term and repayment options.
Elsewhere, Foundation has lowered rates by up to 20 basis points across its residential range and removed product fees from two- and five-year fixes at 90% loan to value (LTV), including options for key workers.
Its core F1 rates now start from 6.19% for a two-year fix and 6.34% for a five-year fix at 65% LTV.
The lender is also bringing back products, such as its F1 green mortgages for properties with an energy performance rating (EPC) of A to C. These are available up to 85% LTV and include a two-year fix at 6.59% and a five-year fix at 6.74%. Both have a £595 fee and £500 cashback.
Further, the lender has reintroduced its F2 joint borrower sole proprietor (JBSP) range, including a five-year fix priced at 6.49% up to 75% LTV and 6.89% up to 85% LTV, both with a £995 fee.
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Other returning deals include remortgage-only products with either £300 cashback or fee-assisted legal services, as well as a free valuation and no application fee.
Reflecting the needs of borrowers
Grant Hendry, director of sales at Foundation, said: “The increase in our maximum residential lending age to 80 is an important enhancement which reflects the reality of today’s market. More borrowers are choosing to work later in life, many have different retirement plans to previous generations, and brokers increasingly need lending solutions that reflect those changing circumstances.
“However, this launch is about much more than criteria. We’ve taken the opportunity to strengthen our overall residential proposition through rate reductions, fee changes and the reintroduction of a number of key products which we know are valued by brokers and their clients.”
He added: “The return of our green, JBSP and professional products helps restore greater breadth across the range, while the rate reductions improve competitiveness and the removal of fees on our 90% LTV products helps reduce upfront costs for eligible borrowers. Taken together, these changes provide brokers with more options and greater flexibility across a wide variety of customer circumstances.”
