The transaction remains subject to regulatory approvals.

Athene is a financial services company focused on retirement savings solutions.

The investment in Foundation Home Loans will be managed by the team at Apollo Global Management, Athene’s strategic asset management partner.

George Gee, commercial director at Foundation Home Loans, said: “Foundation Home Loans are pleased to announce the new ownership, which will allow us to continue to pursue our growth plans and further support our partners in the intermediary mortgage market.

“The access to Athene’s balance sheet will greatly strengthen and diversify Foundation Home Loans’ sources for funding its lending, providing intermediary partners with even greater confidence in the solutions we offer to their clients.”