x
By using this website, you agree to our use of cookies to enhance your experience.

TODAY'S OTHER NEWS

First-time buyers offered chance to get foot on the property ladder through BTL

First-time buyers will no longer have to own a residential property in order to access finance from Barclays to invest in the buy-to-let market, after the bank extended its buy-to-let range to enable applications from those acquiring their first property and non-owner occupiers.

The move is designed to provide first-time buyers with an alternative means of getting onto the property ladder, allowing those living in areas with high property prices, such as London, to buy a property to rent out as an investment in a more affordable part of the country.

Very few lenders currently lend to first-time buyers on buy-to-let.

Advertisement

Ray Boulger, senior technical manager at John Charcol, told the press: “It is certainly a helpful move, because it widens the opportunities for people who want to buy a property but either can’t afford to buy in the place where they want to live or perhaps don’t want to buy a place to live in because they anticipate not staying in one place long enough but want to have a stake in the property market.”

Non-owner occupiers seeking to re-mortgage an existing investment property have also been given access to the lender’s buy-to-let range.

A Barclays spokesperson said: “Barclays is a responsible lender and we’re always looking at ways to innovate and open up access to home buying.

“First-time buy-to-let will give someone who does not have a mortgage an opportunity to get onto the property ladder.”

Want to comment on this story? If so...if any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals on any basis, then the post may be deleted and the individual immediately banned from posting in future.

icon

Please login to comment

MovePal MovePal MovePal
sign up