Building society expands buy-to-let range

The buy-to-let mortgage market has seen competition increase with a relaxation of lending restrictions and deal expansions inEnglandandWalesby Yorkshire Building Society, in a move which could boost those seeking professional accommodation.

Property website Rightmove has seen nearly three times more buy-to-let mortgage products become available compared to two years ago.

At first, Yorkshire Building Society's products, offered through intermediary lending subsidiary Accord Mortgages, were available in London and the South East only, but the society now aims to expand its scope further.

The aim is to enter the buy-to-let market step by step, a spokesman said. The society plans to lower the minimum required property value from £150,000 to £100,000 and lower the minimum income for applicants from £35,000 to £20,000.

The minimum age of applicants is also being lowered from 30 to 25, and the 40-mile distance limit between the borrower and the property is being altered.

Renting has boomed in recent times while house prices have generally stayed stagnant, so lenders have expanded deals in the buy-to-let sector.

Copyright Press Association 2012