Here you can find answers to frequently asked questions

If you are experiencing financial difficulties please contact our Account Management department on 0344 770 8030 as soon as possible. Contacting us will not affect your credit score or credit history. You can also find out details of the support we can offer you here.

Yes. We offer four payment dates on which direct debits can be set up, making it easier for you to align with your salary or rental payments. The dates are 1st, 15th, 20th and the last working day of the month. Please note, as we calculate interest on a daily basis, by selecting a payment date earlier in the month, you will pay less interest overall.

The most likely reason is that the interest rate has increased. If you are unsure why your payments have increased please contact the Customer Services Team on 0344 770 8030. 

If your direct debit has been rejected due to insufficient funds, we'll collect this again within the next two weeks.

Our preferred payment method is by Direct Debit, but payment by other methods is acceptable. You can find details of how to make a payment here.

If you would like to set up a new direct debit, please call us on 0344 770 8030. 

There are several reasons why a direct debit cannot be collected. You may wish to speak to your bank about this.

Yes, you will need to notify us at least 4 working days prior to your payment date by telephone, on 0344 770 8030, to advise us of your new bank details or request a new direct debit mandate.

No, cheques are not re-presented to the bank again; an alternative payment method will be required.

A Redemption Administration fee  will be applied to your account; this is detailed in your Mortgage Offer. If you are still within your fixed rate period, you may be subject to an early redemption charge which will be detailed in your mortgage offer.

Yes, overpayments can be made; these may be subject to early redemption charges which are detailed in your mortgage offer. Any overpayment received to your account is treated as a lump sum overpayment and your monthly payment will be re-calculated and confirmed to you, unless you request that your current mortgage payment remains the same. We may request documentary evidence of the source of the overpayment before it can be applied to your account.

Any fees and charges incurred on your mortgage account will be repaid on a repayment basis (even if your mortgage is on an interest only basis). Periodically, in accordance with the terms and conditions of your mortgage, your monthly payments may be recalculated to include repaying the fees and charges balance  over the remaining term of your mortgage. When we re-calculate the monthly mortgage payment (most likely as a result of a rate change) you may notice an increase to the payment – the size of any increase will depend on the amount of the fees and charges balance and the remaining mortgage term at that time. 

Please be aware, unless or until a recalculation occurs, which may not be for several years (e.g. if you have a current fixed rate) and any arrears are cleared, you will not be making any reduction to the fees and charges part of your mortgage balance. If you would prefer, you can pay any fees as they are applied to avoid incurring interest on these amounts (subject to there being no outstanding arrears on your account, as all payments received are firstly applied to repay any arrears). 

Charges applied to your account are detailed in our Tariff of Mortgage Fees and Charges which is available on the website; alternatively a copy is enclosed with your annual mortgage statement.

It may be that your mortgage has not been repaid in full, please contact our Customer Services team on 0344 770 8030.

We would need to provide you with a redemption statement, please contact our Customer Services team on 0344 770 8030 to request this.

You can contact our Customer Service team on 0344 770 8030 between 9am and 5.30 pm or send us the policy schedule via email to customerservices@foundationlending.co.uk.

A property taken into possession must be covered by repossession insurance. This is dealt with by us and the relevant premiums are debited to your mortgage account. This will only protect the financial interest of Foundation for risks on the property used as security for your mortgage. It will not provide you with any cover.

A financial interest only policy is one which protects the financial interest of Foundation in your property. It provides you with NO cover. You'll receive written confirmation as to why you have been placed on this policy. If you already have cover in place please send us a copy of your schedule so that we can remove these premiums from your mortgage.

Yes, any tenancy agreement must be either an Assured Shorthold Tenancy, Occupation Contract or Private Residential Tenancy in a form normally used for residential property and be for a term of not less than six months and not be for more than thirty-six months. No sub¬letting is allowed and the agreement must contain no terms which would adversely affect our interest as your Lender. 

You must not allow the property to be occupied by an immediate family member at any point in the mortgage term.

Additionally, the following are not permitted to be tenants in respect of the property:

• asylum seekers
• persons who could claim diplomatic immunity

We do not currently offer the option to port your mortgage.

Please contact our Customer Services Team on 0344 770 8030 to discuss how we may be able to assist you. Alternatively, details of additional support is available here. 

Before making any changes to the company or limited liability partnership structure (such as change of director/member, shareholding, ownership), please contact our Customer Services Team on 0344 770 8030.

In the early years of your mortgage, most of the monthly payment is used to pay interest, with only a small amount reducing the capital outstanding. In subsequent years a greater proportion of your monthly payment will go towards repaying the capital, which means that your mortgage balance outstanding will reduce.

We calculate interest on a daily basis. 

This will depend on the product you are on and is detailed in your Mortgage Offer. You will be notified of any changes to the interest rate before the amount is due.

This is subject to certain criteria.  Please contact our Customer Services Team to discuss further on 0344 770 8030. You should also consider obtaining independent financial advice to discuss the options available to you. 

An annual mortgage statement is sent out in April/May each year. If you require a copy of a previous statement, please contact our Customer Services department on 0344 770 8030.

We can provide you with a copy of the deeds if we hold them.

We do not currently offer further advances.