Specialist buy-to-let mortgage lender Landbay has announced it will now lend to first-time landlords who do not currently own a residential property.

First-time buyers will now be able to apply for a buy-to-let mortgage from Landbay if they are employed and earning a minimum income of £85,000.

Growing market

Only a limited few lenders will lend to aspiring landlords who don’t already own a home, helping professional people who are renting to invest in property themselves and get a foot on the housing ladder.

For example, those unable to get on the property ladder in expensive cities like London are increasingly looking at the possibility of buying rental property in less expensive locations.

Paul Brett, managing director of intermediaries at Landbay, said: “The introduction of buy-to-let mortgages for first-time buyers will now give people in a higher income bracket an opportunity to purchase a property and rent it out as a credible investment.”

The Landbay deals are available through a limited number of mortgage advisers.