Landbay is extending its lending criteria to now include first time landlords who do not currently own a residential property.
First time buyers will now be able to apply for a buy-to-let mortgage from Landbay if they are employed and earning a minimum income of £85,000. Landbay will be amongst the limited few to lend to aspiring landlords, designed to help professional people who are renting to invest in property themselves and get a foot on the housing ladder.
Lending is available through Landbay’s approved distributor partners: 3MC, Active Investments, Atom, Brightstar, Brilliant Solutions, Buy to Let Club, Complete fs, Connect Mortgages, Manor mortgage Solutions, Mortgages for Business, Platinum Options, Positive Lending, TBMC, TFC Homeloans and Vantage Finance.
Paul Brett, managing director of intermediaries at Landbay, said: “Landbay is a responsible yet flexible, forward thinking lender and we’re constantly looking at new ways to open up access to aspiring landlords. The introduction of buy-to-let mortgages for first time buyers will now give people in a higher income bracket an opportunity to purchase a property and rent it out as a credible investment.
“We are constantly listening to our intermediary partners and to the requirements of the market. The last few years have been something of a policy rollercoaster for the buy-to-let market, causing some smaller landlords to exit the market altogether. However, ultimately tenant demand shows no sign of letting up, and new landlords are continuing to enter the market despite the more punitive tax regime. It’s essential therefore that we help to support a well-served market.”
