Gatehouse Bank is opening its multi-occupancy (HMO) mortgages to landlords with just one year’s experience of owning a buy-to-let property.
The same rule will apply to landlords purchasing multi-unit blocks (MUFBs).
Previously, when lending to HMOs and MUFBs, Gatehouse required two years of experience as a buy-to-let landlord, or just one year if the borrower already owned those specific property types.
The change applies to both UK residents and overseas customers.
The couch has reduced administrative requirements for UK buy-to-let customers using top slicing, which involves using personal income to cover a shortfall in rental income with mortgage payments.
Candidates using top slicing who live in Britain are now typically required to provide one month’s worth of pay slips and bank statements, instead of the previous three months requirement.
To qualify, at least one UK-based applicant must have a minimum annual income of £32,000.
Gemma Donnelly, head of customer propositions at Gatehouse Bank, said: “We are always looking at ways to make our process simpler and more efficient for brokers and customers, whilst still ensuring we provide finance responsibly.
“Today’s changes will not only set us apart from other providers, but will also improve the customer journey for those looking to buy a property from us to let.”