Compare Foundation Home Loans mortgages
Borrowers who wish to borrow with Foundation Home Loans should consider the following benefits and restrictions before making a final decision.
Benefits of Foundation Home Loans mortgages
Customers can benefits from the following:
- Specialist buy to let and residential lender
- Cater for more complex borrowing such as lending for HMO landlords and portfolio landlords
- Green reward remortgage products where the security has an EPC rating of C within last 12 months
- Large HM product up to 8 bedrooms
Restrictions on Foundation Home Loans mortgages
- Applicants must be at least 18 years old with one applicant 21 or older
- For limited company borrowing directors need to sign a 100% personal guarantee
- Applicants who are still repaying a payday loan in last 24 months will not be considered
- Failing to keep up with repayments may affect your credit rating and put your home at risk
Remortgaging with Foundation Home Loans
Foundation Home Loans offer remortgaging up to a maximum 80% loan-to-value ratio (see below).
They accept remortgaging requests for a variety of reasons, including raising capital and home improvements. They allow remortgaging for the purposes of raising capital for a rental buy to let business.
How much you can borrow against your home or any other property will depend on your loan-to-value (LTV) ratio.
This is a metric lenders use to balance how much you are intending to leverage against your property versus the market value of the property. This takes into account both your existing borrowing and any new loans you are seeking to take out.
So, if your property is worth £100,000 and you have an existing mortgage for £50,000 and wish to borrow an additional £25,000 this would give you total borrowing of £75,000 against the £100,000 value of the house.
This means your borrowing would equal 75% of the value of your home and this is your loan-to-value figure.
Find the best deals on mortgage rates
With so many different brands and types of mortgages available across the market, finding the best fit for your needs and financial circumstances can be confusing.
Our mortgage calculator takes the hassle out of the equation.
Simply put in some basic details, including how much you want to borrow and how long for and we will show you the best deals for you from across the industry. Head to the top of the page to try it out.
Independent Mortgage Advice
Remortgaging is particularly popular at the moment as interest rates are low.
Whether it will be a good idea for you to remortgage depends on a number of factors, including your goals and your personal circumstances.
However, in general, if interest rates are lower than you are currently paying on your mortgage, it may be a good time to remortgage.
If interest rate are higher than you are currently paying, it may be better to look at other options, such as a second mortgage or a personal loan (if you aim is to borrow more).
If you are not sure whether now is the right time to remortgage, it is a good idea to speak to an independent mortgage broker who will be able to offer impartial advice on Foundation Home Loans alternative lender options.