The Times - Can’t afford to buy a home? Become a landlord
First-time buyers could become landlords as lenders offer specific mortgages enabling them to buy investment properties.
Barclays is the latest lender to offer first-time buyer buy-to-let mortgages, rather than providing them to second time buyers or property investors.
Aaron Strutt of Trinity Financial, told The Times: “This is a big change. Not many of the big banks offer buy-to-let mortgages to first-time buyers. This will be really handy for people living and working in London and buying elsewhere because they can’t find an affordable property in the capital.”
“In the past lenders have been worried about providing first-time buyers with buy-to-let mortgages because they think buyers are not going to rent but live in the property, which of course means no rent coming in. Traditionally it has been much easier to get a buy-to-let than a residential mortgage. Now that these buy-to-let mortgages are being assessed on new affordability criteria, the lenders are not quite so concerned.”
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