Foundation Home Loans has increased its maximum residential lending age from 75 to 80 as part of a wider refresh of its residential mortgage range.
The intermediary-only specialist lender said the change was intended to give brokers more options for clients working later in life, those with altered retirement plans, or borrowers needing greater flexibility around mortgage terms and repayment.
The update is accompanied by rate cuts of up to 15 basis points across Foundation’s residential range, the removal of product fees from its two- and five-year fixed-rate 90% loan-to-value products, including for key workers, and the reintroduction of several product lines.
Foundation has brought back its F1 Green mortgages, for properties with an EPC rating of A to C, available up to 85% LTV. The range includes a two-year fixed rate at 6.59% and a five-year fixed rate at 6.74%, both with a £595 fee and £500 cashback.
The lender has also reintroduced its F2 Joint Borrower Sole Proprietor range, with two-year fixed rates available from 6.54% and five-year fixed rates from 6.64%, both with a £995 fee.
Its Professional product range has also returned, including five-year fixed rates at 6.49% up to 75% LTV and 6.89% up to 85% LTV, both with a £995 fee.
Across the broader residential range, core F1 rates now start from 6.19% for a two-year fixed rate and 6.34% for a five-year fixed rate at 65% LTV.
Foundation has also reintroduced remortgage-only products offering either £300 cashback or fee-assisted legal services, together with a free valuation and no application fee.
Grant Hendry, director of sales at Foundation, said: “The increase in our maximum residential lending age to 80 is an important enhancement which reflects the reality of today’s market.
“More borrowers are choosing to work later in life, many have different retirement plans to previous generations, and brokers increasingly need lending solutions that reflect those changing circumstances.
“However, this launch is about much more than criteria. We’ve taken the opportunity to strengthen our overall residential proposition through rate reductions, fee changes and the reintroduction of a number of key products which we know are valued by brokers and their clients.
“The return of our Green, JBSP and Professional products helps restore greater breadth across the range, while the rate reductions improve competitiveness and the removal of fees on our 90% LTV products helps reduce upfront costs for eligible borrowers.
“Taken together, these changes provide brokers with more options and greater flexibility across a wide variety of customer circumstances.”
