Loughborough Building Society has confirmed it is extending its buy-to-let (BTL) criteria to include first-time buyers.
The offering will be available up to 80% LTV for first-time buyers who are 25 years old or over, have a minimum income of £25,000, and have a clean credit history. The property must be in England or Wales, the society added.
Loughborough also announced that the change applies to business and consumer BTL mortgages, but added that portfolio applications or applications on flats and apartments will not be permitted.
National BDM at The Loughborough, Ashley Pearson, said: “We recognise that the market has changed and for some, having a BTL 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; perhaps they live in a partner’s house and aren’t on the deeds or mortgage; perhaps they have employment with tied living accommodation. There are many different circumstances where this change to criteria will help.”
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