Foundation has reintroduced its F1 pound-for-pound (£4£) remortgage product and reduced rates across its residential and buy-to-let product transfers.

The lender has relaunched its F1 pound-for-pound (£4£) remortgage-only two-year fixed rate at 3.99% to 75% loan-to-value, with a 4% fee.

The product includes a free standard valuation and no application fee.

As there is no additional borrowing available, affordability is assessed at pay rate with an interest coverage ratio (ICR) of 125% for all applicants, which Foundation said enhances its appeal as a shorter-term refinancing option.

Foundation explained the pound-for-pound (£4£) product is designed for landlords not looking to increase borrowing at this stage, with many still taking a wait-and-see approach amid uncertainty over rates and the wider economy.

Alongside the relaunch, the lender has reduced rates by up to 0.25% across its residential and buy-to-let product transfer ranges.

The changes reflect, according to Foundation, continued broker demand for shorter-term refinancing and switching options across both residential and buy-to-let lending.

Grant Hendry, director of sales at Foundation, said: “Bringing back our F1 pound-for-pound (£4£) remortgage-only two-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 competitive two-year rate, but also a range of benefits – from the assessment of affordability through to the fee-assisted incentives reducing upfront remortgage 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.”