Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Foundation Relaunches Pound-for-Pound Remortgage and Cuts PT Rates

Foundation has relaunched its pound-for-pound remortgage-only product under its F1 criteria and reduced product transfer pricing. The lender has also introduced rate cuts of up to 0.25% across its residential and buy-to-let product transfer deals.

The two-year fixed pound-for-pound remortgage is now available at 75% loan to value (LTV) with a rate of 3.99% and a 4% fee. The product includes a free standard valuation and no application fee. The interest coverage ratio (ICR) is set at 125% for all applicants.

According to Foundation, this product is designed for landlords who are not looking to increase their borrowing when refinancing. The lender noted that feedback indicated many landlords are waiting for more certainty around rates and the economy before expanding their portfolios.

For letting agents and inventory clerks, these changes may be relevant for clients considering remortgaging without increasing their property holdings. The reduced product transfer rates and fee-assisted incentives could also help landlords manage upfront remortgage costs.