The Mortgage Lender (TML) will no longer prevent buy-to-let landlords from letting property to tenants in receipt of benefits.
The move comes after other lenders caved in to growing industry pressure by lifting restrictions on buy-to-let landlords renting to DSS tenants.
In October last year, NatWest’s lending practices came under attack after the bank told one landlord that she would either have to evict her tenant of two years or take her mortgage business elsewhere, after a blanket ban by the bank on benefit claimants.
However, a number of renters could benefit from changes to mortgage rules announced by TML, aimed at avoiding what could inadvertently prove to unlawful discrimination against benefit recipients.
David Eaves, head of national accounts at TML, which recently joined the panel of newly launched Master Private Finance, commented: “We’re delighted to have been appointed to the newly created Master Private Finance panel.
“Our products are designed to meet the demands of real life, whether that be lending into retirement, self-employment and contract work, through to our excellent buy-to-let range where we will lend to individuals and limited companies.
“We have further enhanced this with our ex-pat proposition and will now also consider DSS tenancies across all of our buy-to-let products.
“We’re looking forward to offering our unique real-life lending approach to JLM network members and clients.”