As the buy-to-let mortgage market becomes increasingly competitive, the bewildering choice of finance products on offer to would-be landlords and existing landlords has recently expanded to include loans from the Yorkshire Building Society. Initial mortgage products will only be available to properties in London and some postcodes in the southeast, but over time, should the products prove successful, it is very likely that the Yorkshire Building Society will expand its geographical area to include other counties.
What are the lending criteria?
If a buy to let mortgage from the Yorkshire Building Society sounds good to you, be aware that the building society is fairly strict in its lending criteria. In order to qualify for a buy to let mortgage, you must be aged 30 or older if you are an existing landlord, or 35+ if this is your first time. You must also earn a minimum of £35k per year and the rental property must be no more than 40 miles from your home.
Other financial institutions are also waking up to the thriving market in buy to let mortgage products. The British bank, Aldermore, has also changed its buy to let mortgage product lending criteria. First time landlords are now welcome and you can now be 85 and still qualify for a buy to let mortgage—which is great news if you are looking to maximise your pension income!
It appears that the future is looking bright for anyone hoping to invest in a buy to let property, but as I always recommend in my posts, make sure you shop around for the best deals!
