Foundation Home Loans has upgraded its residential product line, with the introduction of a new product aimed at borrowers with no adverse credit in the last three years.

The lender has renamed its product tiers to F1 (Cases with no adverse credit within the last 36 months), F2 (Cases with no CCJs or mortgage arrears within the last two years with minor blips accepted) and F3 (Cases with more recent CCJs and mortgage arrears, plus other blips accepted.)

Residential headline rates now start at 2.24% for its F1 Products, with an arrangement fee of £995 and application fee of £125. Early Redemption or Repayment Charges (ERCs) are at 3%, 2% of the loan.

Andrew Ferguson, commercial director at Foundation Home Loans, said: “We are known for our buy-to-let proposition and are now keen to develop our residential offering too, in support of our ambitious growth plans. We are confident our revised residential offering meets changing borrower needs and will provide our broker partners with a credible option in supporting these needs.

“We will of course ensure we continue to listen to feedback to ensure our proposition further develops over time.”