Buy to Let Mortgage Conditions EasedMake Text Bigger
As the buy to let mortgage wars hot up, several lenders are easing their terms for landlords.
Yorkshire Building Society has decided to offer buy to let across England and Wales, instead of just London and the South East.
Some qualifying conditions have been relaxed in line with the move out of the capital –
- Minimum property value is £100,000
- Minimum landlord age is 25 years old
- Minimum income is £20,000 per year
Yorkshire’s head of buy to let, Jeremy Law, explained the changes are part of the society’s planned phased entry in to the property investment market.
“We do not see ourselves dipping in and out of the market. We are here to stay and will be an active lender all year round,” he said.
Co-op Bank buy to let subsidiary Platform is launching a new range of buy to let mortgages.
Maximum loan size has also jumped to £500,000.
Landlords can opt for two-year fixed rate or tracker deals at 65% loan to value.
Movers stuck with a property they can’t sell can also consider the lender’s let to buy package.
Platform’s Nick Allen said: “The introduction of the premier buy to let products will further improve our buy-to-let range and enable brokers to offer a wider suite of products to their clients.”
Recently, Platform announced a planned 33% increase in buy to let lending for 2012 – up from £450 million last year to a target of £600 million.
Barclays Bank is launching a 75% loan to value buy to let package, including a new 10 year fixed rate loan.
A two-year fixed rate at 5.29% and a two-year tracker at base +3.99% are also available.
Paragon Mortgages and subsidiary Mortgage Trust also revamped their buy to let mortgage range in recent weeks.
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