Specialist lender Foundation Home Loans is recalibrating its residential mortgage credit tiers and has launched a new F4 product tier demonstrating greater willingness to lend on more recent credit blips of up to seven months ago for complex credit borrowers.
It has made the changes to its F1, F2 or F3 products because the lender said the last two years have impacted its core residential borrower demographic, such as the self-employed, complex income clients or those who fall outside of mainstream criteria.
The new range provides a greater number of product options for borrowers who have an impacted credit score and have experienced more recent life events but have shown they are able to make their mortgage payments.
Foundation’s F1-F4 products are open to those borrowers who may have revolving credit blips, CCJs and defaults or unsecured loan arrears – and are structured based on how recently the credit events occurred.
F1 is suitable for those borrowers who have had only minor credit issues in the last 36 months, against the new more recent, higher impact credit blip F4 credit tier. Selected tiers are also available to those with short-term credit and those who have had a debt management plan.
George Gee (pictured), managing director (commercial) at Foundation Home Loans, said: “As part of the development of this product proposition, we analysed thousands of credit points on data that represented the current owner-occupier mortgage market and we believe, with this broadening of our criteria, we are able to cater for more than 85 per cent of residential borrowers that may need a specialist solution.”
Victoria Hartley is contributing editor at Mortgage Solutions, Specialist Lending Solutions, Your Money and Your Mortgage at London-based publishing company AE3 Media.
She has an MA in Radio from Goldsmiths after gaining a 2:1 in a Comparative American Studies BA at Warwick University. She also holds a TEFL qualification and taught overseas in Mexico and Japan from 1994 to 1997.
Her role includes editorial oversight of the news, analysis and features, event content management and strategic and editorial consultancy for the AE3 Media group. She is an experienced video, broadcast and live-event host and regularly chairs web and podcast debates and interviews.
Multiple award nominations have resulted in two wins: Santander Media Awards, trade journalist of the year and Headlinemoney Awards, mortgage journalist of the year (B2B). Here is one of the award-winning pieces: https://www.mortgagesolutions.co.uk/news/2011/07/21/exclusive-tale-bailey-fraud-witness/
Previous roles include editorships of Mortgage Solutions, consumer title What Mortgage and trade title Credit Today as well as a stint freelancing for a variety of outlets including The Guardian and Which? Money.
