Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Foundation loosens criteria on professionals mortgage range

Home Loans



Its professionals mortgage range allows first-time buyers, home movers and remortgagers in eligible professions to borrow up to six times their income

Foundation Home Loans has expanded the eligible jobs, lifted the maximum loan amount and raised the loan-to-value limit on its professionals mortgage range.

The broker-only lender has broadened its list of qualifying professions to include chartered tax advisers, optometrists, radiographers (diagnostic) and chiropodists.

The business defines a professional as someone currently practising and holding a relevant qualification, and its list of eligible professions includes accounting, actuarial, medical, legal, surveying, architecture and engineering, among others.

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

The qualifying minimum age for this range is now 18, the same minimum age as its standard residential mortgage range. Previously, customers had to be 25 to qualify for the professional range.

The range also now allows professionals to borrow up to 90% LTV for loans up to £500,000 ($609,072). The lender has raised the maximum loan size to £1m ($1.22m) at 75% LTV.

The business currently offers three products in its professionals range – an early repayment charge-free two-year discount, as well as two and five-year fixed rates. All come with one free standard valuation and a product fee of £1,495 ($1,821).

A maximum of two applicants per mortgage are permitted on the range, only one of whom needs to be an eligible professional.

Foundation Home Loans commercial director George Gee says: 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.

He says: 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.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.



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