Foundation has made a series of changes to its residential credit criteria.

The intermediary-only specialist lender has streamlined its credit tier criteria by reducing the number of tiers to three.

Under the revised criteria, Foundation can now consider unsatisfied CCJs and defaults that were registered more than six months ago, accept Debt Management Plans across its F2 and F3 ranges, and no longer has limits around unsecured & revolving credit.

It says the changes are designed to give brokers greater flexibility when supporting borrowers with historic adverse credit.

The criteria updates form part of a broader refresh of Foundation’s residential proposition.

For residential originations, Foundation has implemented the new credit tier criteria and updated LTIs for higher earners as well as making a reduction to selected F1 two- and five-year fixed rates by up to 0.20%, with rates now starting from 5.99%.

In addition, it has lowered selected F2 two-year fixed rates by up to 0.15%, with rates now starting from 6.19% and trimmed the price of selected F3 rates by up to 0.10% With rates now starting from 6.44%.

Earlier this week, Foundation announced it had withdrawn the F4 credit tier for new business.