Changes include:
- Non owner occupiers now accepted but must have had 1 BTL for 24 months
- Total deposit can come from family gift
- CCJ’s/defaults registered over 2 years ago accepted provided they are brought up to date by date of application
According to Director of Business Development, Paul Brett, change for the right reasons is at the heart of the FHL offering.
He 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 BTL cases we have in our database. We know more about how BTL 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.
“Our packager/distributor partners are particularly delighted by our ability to respond quickly and brokers can be assured that FHL intends to ensure that sensible, sustainable change, which moves the BTL experience forward without sacrificing underwriting integrity, will become a hallmark of our business model.”
