Foundation reintroduces pound-for-pound remortgages and cuts product transfer rates

Foundation has announced a series of enhancements to its proposition, including reintroducing its F1 pound-for-pound remortgage-only product and reducing rates across residential and buy-to-let product transfers.

As part of the update, Foundation has relaunched its F1 pound-for-pound remortgage two-year fixed 75% LTV product, available at 3.99% with a 4% fee. The product also includes a free standard valuation and no application fee.

As there is no additional borrowing on this product, affordability is assessed at pay rate with an ICR for all applicants of 125%.

The pound-for-pound product has been designed to offer a shorter term refinancing option for landlords who are not looking to extend borrowing at this time. Foundation says feedback indicates that many landlords are not increasing their portfolios until there is more clarity about the direction of interest rates and the economy.

Alongside the product relaunch, Foundation has reduced rates by up to 0.25% across its residential and buy-to-let product transfer ranges.

Grant Hendry, director of sales at Foundation, commented: “Bringing back our F1 pound-for-pound remortgage-only two-year fixed product is an important enhancement that reflects the reality of today’s market.

"The product is designed to provide a practical solution for landlords looking to refinance and not only offers a great two-year rate, but also a range of benefits - from the assessment of affordability through to the fee-assisted incentives reducing upfront remortgage costs.

"At Foundation, we understand that brokers and their clients need lenders who can adapt to the changing nature of the market. 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.”