Loughborough Building Society has opened up part of its buy-to-let mortgage range to first time buyers.

The building society has extended its criteria so BTL loans are available up to 80 per LTV for first time buyers who are at least 25-years old and have a minimum income of £25,000 and a clean credit history.

Rates start from 2.99 per cent. These loans are only available on purchases in England and Wales.

This change applies to business and consumer BTL mortgages. However portfolio applications or applications on flats and apartments will not be permitted.

Loughborough building society national BDM Ashley Pearson says: “We recognise that the market has changed and for some, having a buy to let property is attractive even if they don’t own their own home.”

This could include borrowers who have inherited a property, live with a partner and aren’t on the deeds or mortgage or have employment with tied-living accommodation.

Pearson adds: “There are many different circumstances where this change to criteria will help”.