The lender has introduced a F1 pound-for-pound remortgage-only product. This two-year fixed rate option is available at 5.24% at 75% loan to value (LTV), with a 4% fee. The interest coverage ratio (ICR) for this product is 125% for all applicants and cases will be stressed at pay rate.
Meanwhile, its existing F1 limited-edition remortgage-only two-year fixed rate product has been reduced by 0.3% to 4.69% with a 4% fee.
Foundation has also announced two F2 two-year fixed rate multiple properties on one title (MPOT) products at 65% and 75% LTV, with rates starting at 6.79%.
Furthermore, its five-year fixed rate options in its F2 range have seen a reduction of 0.26% at both 65% and 75% LTV, with rates starting at 7.09%.
These products are designed for landlords with up to four properties under a single freehold title.
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Foundation has widened its criteria for MPOT, increasing borrowing to up to 75% LTV, which includes a holiday let property, and where all properties on one title are holiday lets, then normal MPOT lending limits of £3m to 65% LTV and £2m to 75% LTV now apply.
Grant Hendry, director of sales at Foundation, said: “Following some stabilisation in swap rates, we have been able to push forward with a significant update across our BTL offering.”
He added: “Not only is this great news for landlords and property investors of all shapes and sizes, but it’s a real win for the advisers supporting them. It’s further proof of our commitment to stay agile and to innovate, all while staying close to the market to identify opportunities for improvement as soon as they present themselves.
“Alongside expert service, flexibility and manual underwriting, this is what is expected of specialist lenders in today’s fast-paced and highly competitive market.”
