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YBS eases buy-to-let lending criteria

23rd January 2012 | back to article listings BACK    print this article PRINT

Yorkshire Building Society (YBS) is preparing to introduce more relaxed buy-to-let lending criteria, in a move that could provide a boost to the UK mortgage market.

The range of buy-to-let deals the organisation currently offers to consumers in England and Wales is set to be altered, bringing the minimum property value down from £150,000 to £100,000.

Among the other planned changes, the lender will lower the minimum income a buy-to-let applicant requires to £20,000, down from £35,000.

The minimum age of applicants will also be reduced from 30 to 25.

The building society originally made buy-to-let mortgages available to its customers last summer, via its Accord Mortgages subsidiary. Initially, it targeted people based in London and south-east England.

The news follows an announcement from Platform, the Co-operative Bank's intermediary lender, that it plans to increase its buy-to-let lending by a third over the course of this year.

Copyright Press Association 2012

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