Keystone Buy to Let Mortgages has made widespread changes to its criteria and now accepts applications from first-time landlords.
The lender has also loosened its criteria for multi-unit properties, now accepting up to six flats within one freehold property instead of four, as well as allowing new-build flats to be used as security for applications.
Whereas previously HMOs would be accepted for properties with up to six bedrooms, this has now been increased to 10.
Keystone Buy to Let managing director David Whittaker says: “These changes let us test the market in terms of demand from first-timers and opening up to bigger multi-unit properties and HMOs. Very often with larger properties they are better managed and can represent a good risk so we are testing out how that plays.
“We talked over the proposed change with our funding partners Aldermore Bank, and decided that increasing demand from those looking to get into residential property investment was an opportunity not to be missed. However, in order to ensure some level of experience in managing mortgage finance and/or property, the criterion comes with the stipulation that first-time landlords must also own their own home.”