Barclays launch first-time buyer buy-to-let mortgages
Barclays has started offering first-time buyer buy-to-let and non-owner occupier buy-to-let mortgages.
The policy change means applicants will no longer need to own a residential property when looking to purchase or remortgage a buy-to-let property with Barclays.
To qualify for a first-time buyer buy-to-let mortgage, applicants will need to meet street affordability rules, and the property must be let out to a tenant and not lived in by the borrower or a family member.
Aaron Strutt, product director at Trinity Financial, says: “If you are working in London or another part of the country where house prices are high, this change may well help you get on the property ladder if you buy in a cheaper part of the country.
“Another bank is offering these mortgages and it uses a rental calculation of 5.5% at 135%. If there is a rental income shortfall, it can consider using surplus personal income. However, the applicant must earn a minimum of £25,000, and the mortgage will be restricted to a maximum of 4.85 x salary.”
Call Trinity Financial on 020 7016 0790 to secure a first-time buyer buy-to-let mortgage
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