Athene offers retirement savings annuities and is an affiliate of asset manager Apollo Global Management.
The insurer’s investment into Foundation Home Loans’ mortgages will be managed by Apollo.
The transaction is subject to regulatory approvals.
George Gee (pictured), commercial director at Foundation Home Loans, said: “Foundation Home Loans is pleased to announce the new ownership, which will allow us to continue to pursue our growth plans and further support our partners in the intermediary mortgage market.
“The access to Athene’s balance sheet will greatly strengthen and diversify Foundation Home Loans’ sources for funding its lending, providing intermediary partners with even greater confidence in the solutions we offer to their clients.”