Lender abolishes minimum income requirement for BTL landlords

Accord Mortgages has scrapped its minimum income requirements for buy-to-let landlords.

The intermediary-only lender, part of Yorkshire Building Society Group, no longer requires landlords to earn at least £25,000 in order to qualify for its buy-to-let mortgages.

The move is designed to help more landlords to qualify for its mortgage products.

In cases where landlords are using earnings from outside their property portfolio to top up any shortfall in the rental calculations, Accord will continue to specify a minimum income of £50,000 per year.

On a case-by-case basis, Accord will also now consider lending to first-time buyers who want to become landlords.

Nicola Alvarez, senior manager for new propositions at Accord Mortgages, commented: “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.”

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One Comment

  1. Woodentop

    OMG, not getting the business so lets throw the affordability rule book out the window. With the impending changes to rules over tenancies Spring 2022 making it even harder to kick out tenants … if you haven’t the affordability to take a hit on arrears, what the hell are you doing jumping into the frying pan with a lender you will have to repay  the mortgage that you can’t afford.

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