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Foundation expands professional mortgage criteria

  • 21/06/2022
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Foundation expands professional mortgage criteria
Foundation Home Loans, an intermediary-only specialist lender, has today widened its criteria for its professionals mortgage range which offers enhanced loan to income limits.

The lender’s professionals mortgage range allows first-time buyers, home movers and remortgagers in eligible professions to borrow up to six times their income.

Foundation is broadening its list of eligible professions to include chartered tax advisers, optometrists, radiographers (diagnostic) and chiropodists.

The lender defines a professional as someone currently practicing and holding a relevant qualification. Foundation’s list of eligible professions also includes accounting, actuarial, medical, legal, surveying, architecture and engineering, amongst others.

Foundation is also removing the previous age restriction of 25 for eligible borrowers and reverting to the same minimum age as its standard residential mortgage range, 18 years.

Professionals can now borrow up to 90 per cent loan to value (LTV) up to £500,000. The lender has also increased the maximum loan for professionals who can now access loans of up to £1m at 75 per cent LTV.

Foundation offers three product options within the professionals range including an early repayment charge-free two-year discount, plus two and five-year fixed-rates. All come with one free standard valuation and a product fee of £1,495.

A maximum of two applicants per mortgage are permitted on professionals mortgages at Foundation, only one of whom needs to be an eligible professional.

George Gee (pictured), commercial director at Foundation Home Loans, said: “Since we launched the professionals mortgage range towards the end of last year, we have seen strong uptake as well as feedback on how we might broaden the proposition to allow more borrowers to secure these products.

“This has led us to expand the eligible professions and to look at moving our maximum age down to the same as our standard residential offering. To be eligible for the mortgage, borrowers need the relevant qualifications from their professional body.

“This is all about helping professional borrowers to secure the mortgage finance they need, particularly those first-time buyers who are looking to get onto the ladder for the first time. We believe these criteria changes will ensure we are able to help a wider group achieve this.”

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