Foundation has made a range of enhancements to its residential proposition, including an increase in its maximum lending age to 80, rate reductions across a variety of mortgages and the reintroduction of a number of products.
The lender has increased the maximum residential lending age from 75 to 80, which aims to support those who are working later in life, who have changed retirement plans or require greater flexibility around mortgage term and repayment options.
In addition, Foundation has reduced rates by up to 15 basis points across its residential range, removed product fees from its two- and five-year fixed rate 90% loan-to-value (LTV) products including for key workers, and reintroduced several products increasing breadth to its proposition.
Among the products returning to the range are F1 Green mortgages, available up to 85% LTV.
These include a two-year fixed rate at 6.59% and a five-year fixed rate at 6.74%, both have a £595 fee and £500 cashback.
The lender has also reintroduced its F2 joint borrower sole proprietor (JBSP) range, with two-year fixed rates available from 6.54% and five-year fixed rates from 6.64%, both with a £995 fee.
In addition, Foundation has brought back its professional product range, including a five-year fixed rate at 6.49%, up to 75% LTV, and 6.89% up to 85% LTV, both with a £995 fee.
Across the wider residential proposition, 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 following the latest reductions.
The lender has also reintroduced a range of remortgage-only products featuring either £300 cashback or fee-assisted legal services, together with a free valuation and no application fee.
Foundation director of sales Grant Hendry says: “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.”
Elsewhere, Vida Home Loans will be withdrawing both its new business and product transfer mortgage product range from tonight.
The lender will then relaunch a new range of fixed rate products tomorrow (4 June).
Meanwhile, InterBay has lowered rates across its buy-to-let (BTL) range.
The lender’s BTL rates now start from 5.14%, available up to 75% LTV with 2% and 5% fee options across the standard range.
The products have a maximum loan size of £10 million, with HMOs and MUFBs of any size accepted.
