Today's borrowers rarely fit neatly into a single category. Historic credit issues, affordability challenges and other complexities can often exist together.

That's why, at Foundation, we take a common-sense approach to underwriting, looking at the whole borrower story rather than focusing on individual criteria points.

Our residential proposition is designed to help brokers support more customers, place more specialist residential cases and make mortgages happen.

Our criteria enhancements include:

We’ve simplified our credit tiers to 3 by withdrawing the F4 credit tier
Unsatisfied CCJs and defaults registered more than six months ago can now be considered
Debt Management Plans can now be accepted across our F2 and F3 ranges
We no longer have limits around unsecured or revolving credit arrears
The changes widen access for borrowers who are rebuilding their finances and who may not fit the requirements of mainstream lenders

Updated LTI limits for higher earners:

Standard applications remain subject to a maximum LTI of 4.49x income. However:

Sole applicants earning £50,000 or more can now access borrowing of up to 5.99x income
Joint applicants with a combined income of £70,000 or more can now access borrowing of up to 5.99x income
The higher LTI is available on applications with up to four borrowers
It is also available on Joint Borrower Sole Proprietor applications, including consideration of non-occupying borrowers' income
Key Worker applications remain available up to 5.49x income, Professional applications up to 5.99x income and pound-for-pound remortgage applications with no LTI cap

Whether your client has historic credit issues, affordability requirements or a combination of circumstances that fall outside mainstream lending criteria, our specialist residential proposition is designed to support more complex cases with a common-sense approach.

Speak to Foundation about your next specialist residential case.

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