Accord Mortgages has relaxed key criteria to accept first-time landlords.
The change gives first-time landlords the flexibility to use their personal income to cover any gap between the mortgage they need and their rental income.
The lender defines first-time landlords as those who do not own a property that they have rented out for more than twelve months.
Applicants must have a minimum household income of £75,000, excluding rental income, for individual or joint borrowers.
Accord has also reduced the minimum income for top slicing from £50,000 to £40,000 for experienced landlords.
Top slicing for all landlords is available up to 75% loan-to-value. For co-applicants, all parties must live in the same home.
Accord Mortgages strategic partnerships and propositions manager Angelika Christian said: “As a buy-to-let lender we are doing everything we can to support landlords.
“This change allows us to provide greater flexibility to agents and their landlords, providing new options for those – especially first-time landlords – who have excess income they can use to borrow more, supporting the vital private rental sector.”
Earlier this week Accord removed the minimum income requirement for starters who have access to mortgages up to 5.5 times their income.