Foundation Home Loans has reassessed its residential mortgage credit levels.
The reassessment sees the introduction of a new F4 product level, in addition to making changes to the credit events permitted in its F1, F2 or F3 products depending on when they occurred.
The new lineup offers more product options for borrowers who have an impacted credit score and have experienced more recent life events but have shown ability to make their mortgage payments.
The Foundation’s F1-F4 products are open to borrowers who may have revolving credit issues, CCJs and defaults or unsecured loan arrears.
Products are structured based on when credit events recently occurred.
F1 is suitable for borrowers who have had only minor credit issues in the last 36 months, while the new F4 level will take into account those who have experienced life events that have resulted in a greater credit impact. just seven months ago.
Certain levels are also available for those with short-term credit and those with a debt management plan.
The lender says the past two years have impacted its core demographic of residential borrowers, such as the self-employed, those with complex incomes or those who don’t fit traditional criteria.
The new expanded range will help accommodate the additional issues and instances of recent years, to meet the changing needs of these borrowers.
Foundation Home Loans managing director George Gee said: “We have reassessed our existing credit levels to more accurately reflect the position of our core quasi-traditional borrowers, now allowing for a wider range of unsecured credit issues in recent years. years.
“We have also introduced a new F4 level, and together this should open up our products to a wider group of customers and provide additional options that they may not have had access to before.”