Leeds changes BTL criteria to allow bigger portfolios
Leeds Building Society is making changes to some of its lending criteria on its Buy to Let mortgages.
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The Society is increasing the maximum number of Buy to Let properties a borrower can hold – it will continue to lend on up to four properties but has increased the maximum permitted in a borrower’s Buy to Let portfolio to eight. In future the minimum salary required for Buy to Let borrowers will be £25,000.
Martin Richardson, Leeds Building Society’s General Manager – Business Development, said:
“We’re making these changes to bring us more closely in line with the rest of the industry on Buy to Let mortgages.”
“The Buy to Let sector is growing and is part of a normal mix of housing tenures, including private rentals.
“Many of our Buy to Let applicants are more experienced landlords so these changes will enable us to support more borrowers.”
Other criteria on Buy to Let mortgages remain unchanged - the Society will lend up to 70% LTV and rental income must be at least 125% of interest payable on the Buy to Let variable rate.
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