This will be available to first-time landlords, defined as those who do not own a property they have let out for more than 12 months, subject to applicants having a minimum household income of £75,000 excluding rental income.
Borrowers will now be able to use top slicing, which is to use their personal income to meet the shortfall between the required mortgage and their rental income.
Further, Accord Mortgages has lowered the minimum income that experienced landlords need for top slicing from £50,000 to £40,000.
Top slicing is available up to 75% loan to value (LTV) for all landlord applicants, and for joint applicants, all parties must live in the same residential property.
Angelika Christian, strategic partnerships and propositions manager at Accord Mortgages, said: “As a buy-to-let lender, we’re committed to doing everything we can to support landlord borrowers.
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“This change allows us to provide greater flexibility to brokers and their landlord clients, providing new options for those – especially first-time landlords – who have surplus income they can use to borrow more, helping them to support the crucial private rental sector.”
Last week, Accord Mortgages lowered BTL mortgage rates.
