"Following some stabilisation in swap rates, we have been able to push forward with a significant update across our BTL offering."
- Grant Hendry - Foundation
Foundation has expanded its buy-to-let product range with the launch of three new products, alongside updated criteria and select rate reductions of up to 0.30%.
The lender has introduced a F1 £4£ remortgage-only product, a two-year fixed rate option available at 5.24% at 75% loan-to-value (LTV) with a 4% fee. The ICR for this product is 125% for all applicants, and cases will be stressed at pay rate.
Meanwhile, the F1 limited edition remortgage-only two-year fixed rate product has been reduced by 30bps to a rate of 4.69% with a 4% fee. This is offered with a free standard valuation, no application fees and £250 cashback.
Also joining its offering are two new F2 two-year fixed rate MPOT (multiple properties on one title) products, available at 65% and 75% LTV, with rates starting at 6.79%. Five-year fixed rate options in this range have seen a reduction of 26bps 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.
Foundation has added to this range further by announcing updated criteria, increasing borrowing to up to 75% LTV on MPOTs including a holiday let property. Where all properties on one title are holiday lets, 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.
"Whether it’s brand-new products, sizeable rate reductions or effective changes to criteria, we have been able to enhance the competitiveness, flexibility and overall appeal of our proposition - particularly a key product line such as our MPOT offering.
"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."
