Foundation Home Loans has announced maximum loan size increases across the majority of its residential product tiers.

For its F1 – for clients with an almost clean credit history – and F2 tiers – for clients with some historical blips on their credit rating – it has increased its maximum loan size for 65% LTV from £2m to £3m, for 75% LTV from £1m to £1.5m, and for 80% LTV from £750k to £1m. 85% LTV maximum loan size has stayed the same at £750k.

For its F3 tier – for clients with more recent blips on their credit rating – it has increased its maximum loan size for 65% LTV from £500k to £1m, for 75% LTV from £500k to £750k, while 80% LTV remains at £500k.

‘BREADTH OF CRITERIA’

Foundation Home Loans said this improvement in maximum loan size added to its overall breadth of criteria which includes a wide range of flexible, manual underwriting, plus product availability for the self-employed or those with complex and/or mixed income sources, pound-for-pound remortgaging, and non-mainstream deposit support such as gifted deposits, and options for multiple applicants and Joint Borrower Sole Proprietor customers.

Tom Jacob, director of product and proposition at Foundation Home Loans, said: “The needs of specialist residential borrowers continue to grow and this demographic continues to develop with a strong requirement for improved criteria and greater product options.

“This is why Foundation is always seeking to develop our proposition in this space, this time with an increase in the maximum loan sizes across multiple product tiers and LTV thresholds.

“We want to ensure specialist residential clients can secure the level of loans they want and need, and as property values have begun to rise, albeit at relatively low levels, we must ensure our loan size criteria meets the changing shape of the UK property market.

“For advisers dealing with clients who either just miss out on the high-street, or have more complex and involved credit histories, Foundation has both the product choice and criteria required to make their property dreams a reality, either allowing them to get on the ladder for the first time, helping them move, or ensuring they have numerous refinance options.

“If you’re an adviser already heavily involved here, or looking to help more of these clients, then please contact us to see how we can support you and your specialist residential advice business.”