Foundation Home Loans, the intermediary-only specialist lender has today announced a new relationship with MCI Club.
From today, Foundation is joining the MCI (Mortgage, Compliance & Insurance) Club lender panel and adviser member firms will be able to access Foundation’s range of residential and specialist buy-to-let products.
MCI Club is part of the eKeeper Group and partners with Auxilium to offer a complete mortgage, CRM and protection proposition. It works with mortgage intermediaries providing access to lenders like Foundation, as well as insurers and product providers while offering market-leading terms.
Foundation’s residential range is aimed firmly at those borrowers who narrowly miss the requirements of mainstream high-street lenders offering both two- and five-year fixed-rate products, from 65% LTV moving up to 90% LTV. At the end of last month, the lender announced a series of criteria enhancements which opens up its residential mortgages to more borrowers including those with accidental, historical blips, and those with credit blips in the last year.
Foundation’s range of specialist buy-to-let products including solutions for portfolio and limited company applicants. It’s buy-to-let criteria currently includes 80% LTV for those who are purchasing or refinancing through a limited company, an ICR of 125% of the pay rate for five-year fixed rates, no maximum client age, acceptance of newly-incorporated limited companies, and a maximum loan size of £1.5m.
Jeff Knight, Director of Marketing at Foundation Home Loans, said: “We continue to broaden our distributor relationships, and this new tie-up with MCI Club means its member firms will now have access to Foundation’s range of both residential and buy-to-let products. With 2020 just around the corner, and a number of shifting demographic and financial trends, we anticipate that our range of residential products for those who just miss out on the mainstream, plus our specialist products for landlords, will be much in demand. Advisers are increasingly likely to see borrowers with specialist needs, from those with minor credit blips, to professional landlords seeking a limited company product solution. The good news is that MCI Club members can access our range of products and services in order to meet this demand. We’re looking forward to working with the team at MCI and believe this will be a strong and long-lasting relationship.”
Phil Whitehouse, Head of MCI Club, commented: “Foundation Home Loans will be a great addition to MCI’s lender panel which has now grown to 39 lenders covering all areas of the market. Our member base of c-800 intermediaries are increasingly having to deal with customers with more specialist lending requirements and Foundation will give them the support they require as a dedicated intermediary-only lender. They put the intermediary first and their experienced team offer a speedy decision process through their easy to use systems.”