Foundation Home Loans (FHL) has unveiled its buy-to-let proposition today.
It will be distributed exclusively through the intermediary market, with an initial panel of AToM, Brightstar, Brilliant Solutions, Complete FS, Connect Mortgage Club, Solent Mortgage Services, 3mc, The Mortgage Processing Centre and The Buy to Let Club.
Foundation Home Loans is the new business trading style of Paratus AMC, which already manages over 27,000 live mortgage accounts (£3bn in value) and has originated over 420,000, including some 70,000 buy-to-let accounts.
Main products features include:
- Prime tracker rates from LIBOR + 3.19%
- Prime fixed rates from 3.99%
- Historic light adverse accepted
- No minimum income required
- LTV to 75% prime and 70% with light adverse
- Fees can be added to maximum 80% LTV
- Lending to maximum age of 85
Hans Geberbauer, CEO of FHL and Paratus AMC, said: “We believe the buy-to-let market is going to prove to be a tremendous growth area in 2015 and beyond. With the strength of our balance sheet, our excellent reputation in the capital markets and the knowledge of the buy-to-let market we have built, based on over 70,000 buy-to-let cases, past and present, we are in an excellent position to offer the market not only strong products but also, more importantly, a sustainable and realistic proposition across the sector.
“We will be a lender providing a consistent and transparent service and develop a strong and trusted relationship with the intermediary market through our partners. FHL is in the unique position of entering the market with an established, profitable platform, 120 experienced staff and unrivalled understanding of how buy-to-let loans perform.”
Paul Brett, director of business development at FHL, added: “The intermediary market has proved beyond any doubt that it is the most efficient and cost effective way through which lenders can market their products. For new propositions like ours, the role of professional distributors as strategic partners is even more important. They provide us with a tried and tested distribution channel advisers know and trust. Their expertise will allow us to build our business and tune our offering thanks to their input, while at the same time ensuring that introducers are provided with the best service for their clients.”
“Brightstar is delighted to be welcomed as a partner of FHL. I am sure they will become a major new force in the buy-to-let market,” said Chris Bramham, director of first charge & buy-to-let lending at Brightstar.
“Their professionalism chimes with our newly launched rebrand and the way in which we will be marketing our service to intermediaries. It is refreshing to have been consulted on many aspects of the buy-to-let market from a distributor’s perspective and it bodes well for a long collaboration in the future.”