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Yorkshire building Society Enters The Buy-To-Let Sector

Yorkshire building Society Enters The Buy-To-Let Sector

Yorkshire Building Society has entered into the buy to let sector with a limited range of mortgages for landlords.


Buy to let's will be available through the building society’s subsidiary Accord Mortgages.


The initial roll out of the new products will see them only available to properties situated in London and the South East of England.


Only a small flow of funds is available to start as the Yorkshire runs a live test on systems.


Yorkshire's recent aquisition of Chelsea Building Society saw them take on Chelsea's buy-to-let portfoilo.


Yorkshire’s head of buy to let, Jeremy Law, said: “As a financially strong independent mutual, our primary focus is, and always will be, the interests of our members.  We will approach buy to let mortgages as we would with any other home loan, as a responsible and prudent lender."


Law adds “Initially, we plan to offer products for properties located in London and the South East to ensure a manageable entry into the market.  However, we hope that we may be able to extend our geographical spread later in the year once we have our operation up and running.”


No details have been released on the new products.


However other lenders continue to adjust their rates and lending criteria to make their offerings more attractive to landlords.


Aldermore Bank is inviting applications for buy-to-let mortgages from first-time property investors and increased the maximum age for borrowers to 85 years-old.


Charles Haresnape, managing director of residential mortgages at Aldermore, says: “We’ve listened carefully to feedback from brokers and expect these enhancements to our buy-to-let criteria to be well received."


“As we’re now happy to consider first time landlords, as well as increasing our maximum borrowers’ age to 85, these additional benefits make the product more flexible and helps to open up the buy-to-let market to new customers.”


Aldermore's interest rates start at 4.68%.

For more information on Southampton's property market of for some advice on the private rental sector then give Martin and Co. Southampton West a call on 02380 988881.