Pepper Money has reduced minimum income requirements to £15,000 for existing landlord borrowers and widened some lending restrictions for buy-to-let limited companies.
The lender will now allow gifted deposits and has cut the required time in current employment from six months to three months. For continuous employment, this requirement has been reduced from 12 months to six months.
For limited company landlords, Pepper Money has removed the restriction for the main director to be a homeowner and will now allow deposits into a special purpose vehicle (SPV), such as cash or property transfer, from another limited company.
The lender will also accept rental income as a standalone income stream for professional landlords with 11 or more properties.
It has increased its maximum loan size from £1m to £2m and the aggregated customer exposure, the potential a lender can lose if a borrower defaults, has risen from £3m to £4m.
Paul Adams (pictured), sales director at Pepper Money, said: “At Pepper Money, we are constantly striving to make it as easy as possible for new customers to experience our award-winning service and access our straightforward mortgages.
“A growing number of landlords are choosing to build portfolios within limited company structures, and this has been another key area of focus for us in enhancing our proposition.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS