Foundation Home Loans has launched a Fee Assisted Legal Service for borrowers remortgaging to the lender on eligible standard residential products.
This service, available as of today (9th January 2025), is offered on both 2-year and 5-year fixed-rate remortgage-only Limited Edition products.
The service allows clients to secure the services of a solicitor without having to find one themselves and it also covers a range of basic legal costs.
Borrowers who use the service can secure a new rate, assistance with legal fees for loans up to £1m, and enjoy a free valuation with no application fee for Limited Edition products.
The Fee Assisted Legal Service is available in England and Wales only, with a cashback option in Scotland for non-standard legal requirements.
Foundation stated that advisers should anticipate growth in existing borrower business through 2025 as more clients may be able to secure suitable deals from different lenders.
The new legal service and products are suitable for both employed and self-employed applicants.
The offering falls within its F1 tier, aimed at those who just miss out on mainstream options, with rates starting from 5.94%.
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.
Hendry added: “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.”
