Landbay has extended its lending criteria to allow first-time buyers to invest in buy-to-let property.
With property prices rising steeply over the past five years, some first-time buyers have opted to invest in rental property – often outside the prime regions of the South East – in order to help them get a foot on the housing ladder.
To qualify for one of Landbay’s existing buy to let mortgage deals prospective buyers do not need own or have a mortgage on a residential property. However, they will need to be employed and be earning a minimum of £85,000.
This deal is available through Landbay’s approved distributor partners, which includes 3MC, Brightstar Mortgages for Business and TFC Homeloans.
Landbay’s managing director of intermediaries Paul Brett says: “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 higher income brackets an opportunity to purchase a property and rent it out as a credible investment.
“We are listening to our intermediary partners and 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 tenant demand shows no sign of letting up and new landlords continue to enter the market despite the more punitive tax regime.”