Foundation Home Loans has expanded the number of eligible jobs, increased the maximum loan amount and increased the loan limit to the value of its range of business mortgages.
The exclusive brokerage lender has expanded its list of eligible professions to include licensed tax advisers, optometrists, radiographers (diagnostics) and podiatrists.
The company defines a professional as someone currently practicing and holding a relevant qualification, and its list of eligible professions includes accounting, actuarial, medicine, law, surveying, architecture and engineering, among others.
Its range of professional mortgages allows first-time buyers, movers and eligible professional mortgagers to borrow up to six times their income.
The minimum age of eligibility for this line is now 18, the same minimum age as its standard residential mortgage line. Previously, customers had to be 25 to benefit from the professional range.
The range also now allows professionals to borrow up to 90% LTV for loans of up to £500,000. The lender has raised the maximum loan amount to £1m at 75% LTV.
The company currently offers three products in its business line: a two-year discount with no prepayment charge, as well as two- and five-year fixed rates. All come with a free standard assessment and a product fee of £1,495.
A maximum of two applicants per mortgage is allowed on the range, only one of whom must be a qualifying professional.
Foundation Home Loans Commercial Director George Gee says: “Since we launched the professional mortgage range towards the end of last year, we have seen strong uptake as well as feedback on how we could expand the proposal to allow more borrowers to secure these products.
“This has led us to expand eligible occupations and consider bringing our maximum age down to the same level as our standard residential offering. To be eligible for the mortgage, borrowers need the relevant qualifications from their professional order.
“It’s about helping professional borrowers get the mortgage financing they need, especially FTBs looking to scale for the first time. We believe that these criteria changes will allow us to help a larger group achieve this goal.