FHL amends income criteria and boosts portfolio values
Foundation Home Loans has amended its proof of income criteria as well as doubling its acceptable portfolio value to £2m.
The portfolio value change applies to purchase and remortgages and the change to income criteria means it can now be verified by:
- Last month’s payslips and last P60 for employed applicants
- Last year’s accounts or SA302 for self-employed applicants
- Evidence of pension income for retired applicants
- Trust funds, investment and rental income as additional income (SA302 or income statement)
Simon Bayley, FHL’s commercial director, said: “Having seen that our existing portfolio loans have performed so well, we are keen to develop our appetite in this area of the BTL market. By doubling the size of portfolios we will accept, we are sending a clear message to advisers for their clients about our intentions in this important BTL sector.
“In order to make it easier to provide relevant evidence of income we have also expanded the choice of documentation required at the application stage. This is further evidence of our ongoing determination to improve and simplify our criteria to make it easier for introducers to do business with FHL.”