Yorkshire Building Society is to roll out its buy-to-let mortgages from today
across the whole of England and Wales, after relaxing its criteria.The lender entered the buy-to-let market last August through its intermediary subsidiary, Accord Mortgages, but only in London and the South-East.
Changes to its criteria include dropping the minimum required property value
from £150,000 to £100,000 and reducing the minimum income an applicant needs to
earn from £35,000 to £20,000.
It is also cutting the minimum age of applicants by five years from 30 to 25,
and scrapping the requirement that the borrower must live within 40 miles of the
property. Jeremy Law, head of buy-to-let at Yorkshire Building Society, said: “We have
listened to brokers and taken the opportunity our staged entry has provided to
revise our lending criteria. “However, our lending policy will still reflect the values of the Yorkshire as a prudent mutual and our primary focus is, and always will be, the interests
of our members. “We do not see ourselves as dipping in and out of the market. We are very
much here to stay and will be an active lender in the market all year
Last week, the Co-operative Bank’s Platform promised to increase its mortgage
lending in the buy-to-let sector by one-third to £600m.