Foundation, the intermediary-only specialist lender, recently announced a series of enhancements to its proposition, including reintroducing the F1 £4 Remortgage Only product and rate reductions across Residential and Buy to Let Product Transfers.
As part of the update, Foundation has relaunched its F1 £4£ 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.
Importantly, 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 highly competitive two-year solution.
The £4£ Remortgage Only product has been designed to offer a competitive shorter-term refinancing option for landlords who are not looking to extend borrowing at this time.
Feedback indicates that many landlords are not increasing their portfolios until there is more clarity about the direction of interest rates and the economy. Our new £4£ product not only has a great rate of 3.99% but comes with a free standard valuation and no application fee – reducing upfront costs and making it an ideal vehicle for refinancing existing loans.
Alongside the product relaunch, Foundation has reduced rates by up to 0.25% across its residential and buy to let product transfer ranges, further strengthening its overall product transfer proposition.
These changes reflect increasing broker demand for shorter-term flexible refinancing and switching solutions that support their buy-to-let and residential customers.
“Bringing back our F1 £4£ Remortgage Only 2-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 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. 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.”
Grant Hendry, Director of Sales at Foundation
Learn more: www.foundationlending.co.uk
