Buy-to-let lender Foundation Home Loans (FHL) has introduced a new product designed specifically with first-time landlords in mind.
The two-year mortgage, available through the intermediary market, comes with fixed (4.19 per cent) and discount rate (3.96 per cent) options.
It is available for loans between £50,000 and £500,000, repayment or interest only, and at loan-to-values (LTVs) of up to 75 per cent.
“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 seventy thousand 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,” Paul Brett, business development director at FHL, commented.
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