Foundation Home Loans has launched a new fee-assisted legal service to borrowers remortgaging to the lender via eligible standard residential products.

The new service is offered on both two and five-year fixed-rate remortgage-only Limited Edition products.

It provides clients with the opportunity to secure the services of a solicitor without the having to find and employ one, with a number of basic legal costs covered.

Remortgaging borrowers who utilise the service secure a new rate, assistance with legal fees for loans up to £1m, plus the Limited Edition products also come with a free valuation and no application fee.

The Fee Assisted Legal Service is available in England and Wales only, with a cashback option available in Scotland, and for non-standard legal requirements.

Foundation said that the new products/legal service were suitable for both employed and self-employed applicants as part of its F1 tier – for those who just miss out on the mainstream – and was offered at rates starting from 5.94%.

Grant Hendry (pictured), director of sales at Foundation Home Loans, said: “The remortgage market is expected to become more competitive over the next couple of years, especially if rate cuts materialise more frequently.

“We believe options beyond just price, such as criteria and add-ons like fee assisted legals, will be crucial in making a significant difference to household finances. We have therefore launched this Fee Assisted Legal Service, available to borrowers remortgaging to Foundation across a number of standard remortgage-only residential products and designed to save advisers’ clients valuable time by simplifying the process and covering basic costs.

“We believe the introduction of such a service will ensure a smoother legal experience for those who choose the service, while also reducing the upfront financial burden for these borrowers.”