According to the lender, mortgages will be available up to 80% LTV for First Time Buyers who are 25 years old or over, have a minimum income of £25k and have a clean credit history. The property must be in England or Wales.
The change applies to Business and Consumer Buy to Let mortgages. However, portfolio applications or applications on flats and apartments will not be permitted.
Ashley Pearson, National BDM at The Loughborough, 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; perhaps they live in a partner’s house and aren’t on the deeds/mortgage; perhaps they have employment with tied living accommodation…..there are many different circumstances where this change to criteria will help."
