Foundation enhances BTL proposition with criteria changes and rate cuts

Foundation has expanded its BTL offering with the launch of three new products, alongside enhanced criteria and select rate reductions of up to 0.3%.

The lender has added further depth to its range with the introduction of a special F1 £4£ remortgage-only product. This two-year fixed rate option is available at 5.24% at 75% 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 is 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%.

Meanwhile 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, helping to avoid the cost and complexity of a title split.

Foundation has enhanced this range further by announcing updated criteria, increasing borrowing to up to 75% LTV on MPOTs including 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 (pictured above), commented: “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.”