Accord Mortgages has opened up its top slicing criteria to enable access for first-time landlords, with immediate effect.
The lender defines first-time landlords as those who do not own a property they have let out for more than 12 months, with applicants subject to a minimum joint or single household income of £75,000 (excluding rental income).
This will allow such landlords the flexibility to use personal income to bridge any shortfall between the mortgage they need and their rental income.
Accord has also reduced the minimum income for top slicing from £50,000 to £40,000 for experienced landlords.
Top slicing for all landlord applicants is available up to 75% LTV. For joint applicants, all parties must live in the same residential property.
“As a BTL lender, we’re committed to doing everything we can to support landlord borrowers,” said Angelika Christian, strategic partnerships and propositions manager at Accord Mortgages.
“This change allows us to provide greater flexibility to brokers and their landlord clients, providing new options for those — especially first-time landlords — who have surplus income they can use to borrow more, helping them to support the crucial private rental sector.”
