Available within its F1 tier – for landlord clients with an almost clean credit history – the new product is available up to 75% LTV and has a rate of 5.74%, with a 1.75% fee.

It is available for individual, portfolio and first-time landlords, for both purchase and remortgage activity and comes with a rental cover ratio of 125% at pay rate for limited company and basic-rate taxpayers, and 145% at pay rate for higher-rate taxpayers.

The launch of this new product follows ‘Buy to Let by Foundation’s’ refresh of both its Core and Special buy-to-let products at the end of last month, including the introduction of a 4.99% five-year fixed-rate mortgage for portfolio landlords, and reduced rates across both F1 and F2 fixes.

Foundation Home Loans director of product and marketing Tom Jacob said: “What’s clear from the UK private rental sector is that demand continues to exceed supply by some distance, and if landlords can secure competitive mortgage finance, then they are able to offer quality properties to a growing pool of tenants, and in the process secure the yield and profit they need.

“At Foundation we’ll continue to explore a wide range of product options for landlords, whether for those who are close to the mainstream, those looking for more specialist finance, or those seeking to purchase or refinance more specialist property types.”