First-time buyer buy-to-let deals are available up to 80 per cent loan to value for borrowers who have a minimum income of £25,000 and a clean credit history.
Portfolio applications or flats are not permitted.
Ashley Pearson (pictured), national business development manager, said: “We recognise that the market has changed and for some, having a buy-to-let property is attractive even if they don’t own their own home. Perhaps they’ve inherited a property in a part of the country that’s too far away from where they work or they live in a partner’s house and aren’t on the deeds. Or they might have employment with tied living accommodation. There are many different circumstances where this change to criteria will help.”
Specialist lender Bluestone Mortgages has increased its mortgage offer validity period to four months up from three months.
In a recent poll conducted by the lender, 82 per cent of brokers said they needed a minimum offer period of four months to be confident the application would complete in time.
The specialist lender has also reduced its bank statement requirements. Employed applicants are now only required to provide their latest monthly bank statement compared to the previous policy of three months.
Reece Beddall, sales and marketing director, Bluestone Mortgages, said: “We are delighted to make significant policy enhancements across our whole product range demonstrating our ongoing commitment to support both customers and brokers.
“This arrives at a time when we expect more people to face financial challenges in the coming months due to the impact of the pandemic so these changes will be welcomed by those looking to achieve their homeownership dreams whilst also positioning us as one of the most competitive lenders in the specialist space.”