Accord to accept first-time landlords and remove minimum income in BTL revamp

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Essex Home Finance
Accord Mortgages has enhanced its buy-to-let criteria, removing the need for landlords to have a minimum background income of £25,000.
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Income will still be verified in some circumstances however, such as where top slicing is being used or to validate tax status for some lower rate taxpayers.

On a case-by-case basis, Accord will also now consider lending to first-time buyers who want to become landlords. The lender is encouraging brokers to speak to their business development manager if they have a case where it makes sense to buy a rental property as a first step on the housing ladder.

The changes, which see underwriters given more discretion to evaluate cases on their merit, will improve the application process for a number of brokers and clients who otherwise meet Accord’s lending criteria.

Nicola Alvarez, senior manager for new propositions at Accord Mortgages, said:“These latest criteria changes reflect our commitment to investing in our buy-to-let proposition to make it easier for brokers and their landlord clients to do business with us.

“Removing minimum income requirements and considering cases where first-time buyers want to become landlords demonstrates our approach to common-sense lending and means we’re able to extend our offering to brokers and ultimately support more people on to the property ladder.”

Original Article from Financial Reporter 22/11/21

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