The maximum application age for buy-to-let deals at the mutual will now be 75.
Kevin Purvey, director of intermediaries (pictured), said: “Today’s mortgage market has to adapt to the changing needs of borrowers. With more people working later in life, buy-to-let investors may want to keep their investment property to supplement their income, or to help save for the future. We have therefore reviewed our lending policies to adapt to these changes, while of course remaining committed to lending responsibly.”
A number of lenders have announced plans or implemented changes in response to tax changes in the sector which are likely to shift the profile of the average borrower towards professional landlords.
Last month, Accord Mortgages revealed that from next year it plans to begin lending to first-time landlords and consumer buy-to-let customers, and will accept new build properties as part of its proposition for landlords. The intermediary arm of Yorkshire Building Society said it also has ambitions to lend in Scotland.
