Foundation Home Loans has extended its range of residential mortgage deals for borrowers who have fallen behind on their credit committments.
Five deals have been added to the range including first-time buyer mortgages that come with lower product fees. All deals are available up to 80 per cent loan to value.
The new additions to the F2 range are two- and five-year fixed rates priced at 4.19 per cent and 4.59 per cent respectively and a two-year discounted rate of 3.99 per cent with no early repayment charges. All three deals come with a £995 fee.
The two first-time buyer deals are fixed for two- and five-years and are priced at 4.29 per cent and 4.69 per cent respectively. They come with a lower product fee of £595.
Accepted credit problems include late payments on credit cards, mail order goods, telecommunications, utilities or unsecured loan arrears.
Jeff Knight, director of marketing at Foundation Home Loans, said: “Minor credit blips will continue to push some borrowers beyond the realms of mainstream lending but that doesn’t mean they are not credit-worthy, and that their property related needs should be ignored.
“We also believe that demand for specialist first-time buyer products is increasing and with borrowers still struggling to raise deposits, these products need to be designed to help reduce upfront costs where possible.
“Additional options are vital for this growing band of borrowers and we have the overall product offering, criteria and service to ensure they can access the mortgages they deserve.”
Samantha Partington is a freelance trade and consumer journalist writing about property and personal finance. Previously she worked worked for the Daily Mail and Property Week. She is the former deputy editor of Mortgage Solutions and editor of Specialist Lending Solutions.
Before becoming a journalist, Samantha worked as a mortgage broker and latterly for a mortgage, bridging and secured loan lender. Samantha is CeMAP qualified. Follow her on Twitter @SamJPartington1.