Another Lender Enters the Buy to Let Mortgage Market

25 January 2012 Categories: News

It seems the buy to let mortgage market is now the place to be with another big lender rolling out their range of products across England and Wales. The Yorkshire Building Society has been offering its new range in London and the South East since last August, but this week they have announced a full roll out with relaxed criteria.

What does this mean for landlords you may ask?

Well, the new application criteria for a Yorkshire Building Society buy to let mortgage makes the range a very attractive proposition. Before the roll out your intended property had to have a value of £150,000+ however this has now been dropped to just £100,000. The minimum annual income necessary to be considered has also been reduced from £35,000 to a much more reasonable £20,000, and now you will be considered for a mortgage from the age of 25 rather than 30.   

When asked about the changes the head of Yorkshire’s buy to let division, Jeremy Law, said “We have listened to brokers and taken the opportunity our staged entry has provided to revise our lending criteria. 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 round.”