It is expected to target prime niche applicants and is considering using ‘LTV buckets’ to filter applicants with deposits of 30% and over for quicker processing.
Specialist buy to let mortgage lender Foundation Homeloans (FHL) is readying to launch into residential mortgages by Q2 2016, Mortgage Solutions understands.
On 24 February, FHL was formally unveiled as Paratus AMC’s new brand for mortgage lending but CEO Hans Geberbauer said there were no similarities in lending styles between GMAC and the new brand.
Mortgage servicer Paratus AMC changed its name from GMAC RFC in 2011 and had been managing the back book of largely buy-to-let mortgages, with no new lending until February.
The lender gained permissions to lend to its own back book late in 2014.
The group has self-declared’ big ambitions and is developing both its IT infrastructure and a mortgage adviser portal due to launch in Q1 2016.
In July, Paratus became a majority shareholder in P2P lender Funding Empire, a commercial real estate lender.
Buy-to-let criteria highlights include no minimum income for landlords with lending up to age 85 and a willingness to consider first-time buy-to-let applicants. The lender also looks at studio flats with less than 30 metres squared floor space, will consider applicants with up to £2,000 of satisfied CCJs but not applicants with a historical bankruptcy.
Paul Brett, Foundation’s director of business development (pictured) declined to comment.
