FHL targets first-time landlords
Borrowers can opt for a repayment or interest-only option, while they can take out loans between £50,000 and £500,000.
Paul Brett, business development director at FHL, said: “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 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.”
FHL panel member, Ying Tan, managing director of the 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.”
And another panel member, Dale Jannels, managing director at ATOM, said: “We have been delighted with FHL since they launched.
“As a distributor working with many introducers, we have cases and enquiries where, with FHL, we can have a real conversation with a decision maker and we know very quickly whether the case will go through or not.
“With FHL we have real consistency of execution and with this new product FHL fills a crucial gap for us as first time landlords are a growing part of the market.”