Foundation increases limits on total portfolio lending exposure, and eases ICR and LTV restrictions on background portfolio.

As of today, Thursday 1st July, they have increased the maximum value of the total portfolio that your portfolio landlord can hold with them as standard from £3 million to £5 million.

Additionally via TFC, they are pleased to announce that they are making the following improvements to how they underwrite background portfolios:

Proof of income is now no longer required if the rental income for a portfolio covers the total mortgage payments at 100% ICR

Rental cover required for background portfolio now only 100% (was 125%)

The total LTV of the portfolio can now be 100% (was previously 80% LTV)

Because cases are assessed on their individual merits, proof of mortgage payments may not be required in all instances

Easier uploading of portfolios over 10

Please note that because these new criteria will remain a manual process in the short term, your DIP may DECLINE in the first instance, however, as long as your DIP decline is just for portfolio rental cover or portfolio maximum LTV, we will be alerted to manually override.

Foundation continues to make improvements to make it easier for you to do more business with them via TFC.