Foundation Home Loans has added a fee-assisted legal service for select eligible remortgage products.
The service will be offered on two- and five-year fixed rate remortgage-only limited-edition products.
It allows clients to secure the services of a solicitor without having to find and employ one, and several basic legal costs are covered.
Remortgaging borrowers securing the fee-assisted legal service secure a new rate and assistance with legal fees for loans up to £1m, and limited-edition deals will come with a free valuation and no application fee.
The new products and legal service will be suitable for employed and self-employed applicants as part of its F1 tier, for those who just miss out on the mainstream, with rates beginning from 5.94%.
Foundation Home Loans said it believes advisers should prepare for growth in existing borrower business in the coming year, adding that more customers may be able to secure suitable deals through a different lender.
The realities of retrofitting
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Grant Hendry, director of sales at Foundation Home Loans, said: “The remortgage market is expected to become more competitive over the next couple of years, especially if rate cuts materialise more frequently. We believe options beyond just price, such as criteria and add-ons like fee assisted legals, will be crucial in making a significant difference to household finances.
“We have therefore launched this fee-assisted legal service, available to borrowers remortgaging to Foundation across a number of standard remortgage-only residential products and designed to save advisers’ clients valuable time by simplifying the process and covering basic costs.
“We believe the introduction of such a service will ensure a smoother legal experience for those who choose the service, while also reducing the upfront financial burden for these borrowers.”
Last month, the firm cut buy-to-let (BTL) rates across its fixed rate range.
