‘Buy to Let by Foundation’ launch new ‘pound-for-pound’ remortgage products

18 April 2024

‘Buy to Let by Foundation’, the buy-to-let brand of Foundation Home Loans, the intermediary-only specialist lender, has today introduced a new group of products, the buy-to-let ‘pound-for-pound’ (£4£) remortgage.

The new two-year fixed-rate products are for those landlord borrowers who require no additional borrowing, with options in the F1 range – for clients with an almost clean credit history – and F2 range – for clients with historical blips on their credit rating

As they are underwritten on a £4£ basis, it means Buy to Let by Foundation can offer landlords more favourable remortgage terms, assessing rental cover at 125% ICR rating regardless of the applicant’s taxpayer status, with the stress rates applied at the product’s pay rate.

The F1 two-year fixed-rate £4£ remortgage product is available at 6.59%, while the F2 is available at 6.74%; both are available up to 75% LTV for individuals and limited company borrowers. The minimum loan size is £50k, the maximum loan size is £1.5m, and the product fee is 1.5%.

Foundation’s current service levels continue to average turnaround times of one day for DIP referral, application and underwriter review for all cases.

Tom Jacob, Director of Product and Marketing at Foundation Home Loans, said:

“We’re pleased to be able to launch these two new £4£ remortgage products for buy-to-let landlord borrowers who are not seeking to raise any additional borrowing. As a result, we hope to support landlords who are focused on maintaining their existing properties/portfolios by giving them additional remortgage product options with distinct criteria to consider. We’d urge advisers to contact us to see how we can help and support their landlord borrowers with these options, and the other core and specialist buy-to-let products we offer.”

For more information on Foundation Home Loans, please visit: www.foundationforintermediaries.co.uk