Foundation Home Loans has expanded its owner-occupied proposition with the launch of products with enhanced loan-to-income limits for professionals.
The intermediary-only specialist lender’s new products allow first-time buyers, home movers and remortgagers in eligible professions, to borrow up to six times their income.
Rate options include an ERC-free two-year discount and a two-year fixed-rate; both come with one free standard valuation and a maximum loan size of £750k up to 85% LTV, including for first time buyers.
Foundation defines a professional as someone currently practicing and holding the relevant qualification. A maximum of two applicants per mortgage are permitted, only one of whom needs to be an eligible professional. Foundation’s list of eligible professions includes accounting, actuarial, medical, legal, surveying, architecture and engineering, amongst others.
The two-year fixed-rate is offered at 2.99% (75% LTV) and 3.84% (85% LTV), while the two-year discount is currently 2.84% (75% LTV) or 3.69% (85% LTV). The discounted products come with no ERCs. Each product comes with a free valuation and a flat product fee of £1,495.
George Gee, commercial director at Foundation Home Loans, said: “As a leading specialist lender, Foundation Home Loans is committed to continuously developing and widening its proposition to cater for different types of borrowers with complex needs. We have the expertise to individually assess incomes and we can, for some clients such as professionals, apply enhanced multiples.
“We believe these products offer an additional choice to borrowers who have secured their professional qualifications. The enhanced income multiple we are able to use for these borrowers should allow them to access a wider range of property options.
“This is all about supporting eligible and motivated owner-occupiers in the mortgage market; by designing products specifically for professionals, we are able to offer a range of benefits and enhanced terms.”