Intermediary-only specialist lender, Foundation, has announced a series of enhancements to its proposition for landlords, including reintroducing the F1 pound-4-pound Remortgage Only product and rate reductions across its buy-to-let and residential product transfer ranges.
As part of the update, Foundation has relaunched its F1 pound-4-pound Remortgage Only 2-year fixed 75% LTV product, available at a competitive rate of 3.99% with a 4% fee. The product also includes a free standard valuation and no application fee, offering strong value for landlords seeking a straightforward remortgage option with no additional borrowing.
As there is no additional borrowing on this product, affordability is assessed at pay rate with an ICR for all applicants of 125%, enhancing its appeal as a competitive two-year solution.
The pound-4-pound Remortgage Only product has been designed to offer landlords a competitive shorter-term refinancing option when they are not looking to extend borrowing. Feedback suggests many landlords are holding off on expanding their portfolios until there is more clarity on the direction of interest rates and the wider economy.
The product combines a rate of 3.99% with a free standard valuation and no application fee, reducing upfront costs and making it well-suited to refinancing existing loans.
Rate reductions
Alongside the relaunch, Foundation has reduced rates by up to 0.25% across its buy-to-let and residential product transfer ranges, strengthening its overall product transfer proposition. The changes reflect growing broker demand for shorter-term, flexible refinancing and switching solutions that support both buy-to-let and residential customers.
Grant Hendry, director of sales at Foundation (pictured), says the relaunch responds directly to current market conditions. "Bringing back our F1 pound-4-pound Remortgage Only 2-Year Fixed product is an important enhancement that reflects the reality of today's market," he explained.
"The product is designed to provide a practical solution for landlords looking to refinance and not only offers a great 2-year rate, but also a range of benefits, from the assessment of affordability through to the fee-assisted incentives reducing upfront re-mortgage costs.
"At Foundation, we understand that brokers and their clients need lenders who can adapt to the changing nature of the market," he adds. "By reintroducing this product and enhancing our range, we're continuing our commitment to making mortgages happen with solutions that truly meet today's market needs."
