Foundation Home Loans (FHL) has launched a product with fixed and discounted rate options through the intermediary market aimed specifically at first-time landlords.
Main features include:
3.96% 2 year discounted rate
4.19% 2 year fixed rate
Max LTV - 75%
Repayment or interest only
£50,000 to £500,000
Paul Brett, business development director at FHL, said the new product plays to the strengths of FHL's core philosophy of providing simple products with clear criteria across multiple areas of the BTL market.
"At a time when many lenders are concentrating on professional' landlords, we see this underdeveloped sector as one where we can really make a difference for advisers and their clients.
"First-time landlords represent a challenge to many lenders, whose reliance on credit scoring makes them wary of breaking new ground.
"In contrast, FHL is able to use our data on 70,000 BTL loans to create competitive yet sound products supported by experienced underwriters.
"As we require neither a time of minimum employment nor minimum income and are happy to accept ages up to 85 by the end of the term, as well as non-owner occupiers, FHL offers advisers real borrowing options for the first time landlord."
FHL panel member, Ying Tan, managing director, Buy to Let Club said, "We are delighted to be working with a lender which is as dynamic and innovative as FHL.
"The launch of their new First Time Landlord proposition is testament to their commitment to whole market."
"Many returning landlords are pigeon holed as first time landlords' if they haven't owned a BTL property for the last 24 months, with the launch of this product FHL have confirmed their stance and commitment to new, existing and returning landlords."
Comments