Changes from the new lender include: non-owner occupiers now being accepted as long as they have owned one buy-to-let property for 24 months; the total deposit can now come from a family gift; CCJs/defaults registered over two years ago are accepted provided they are brought up-to-date by the date of the application.
Foundation Home Loans (FHL)’ director of business development Paul Brett said: “Two weeks into our launch and we are already refining our criteria in line with the enquiries we are receiving.
“The enhancements, as a whole, demonstrate the way in which FHL is intending to carve out a sustainable niche for itself. These changes are logical and meet the internal tests we use based on over 70,000 live and past buy-to-let cases we have in our database. We know more about how buy-to-let accounts respond than many active lenders in the market, so we are very confident that the changes we are making will be good for us as well as for the client.”
