Skipton Building Society has changed its buy-to-let (BTL) criteria and will lend on new build flats.
It has also reduced its stress rate for long-term fixed BTL rates and increased its minimum BTL property value.
Skipton said that it would lend on BTL new build flats up to 75 per cent loan to value (LTV).
It added that it has lowered the stress rate for landlords on five-year fixed rates or longer from five per cent to 4.5 per cent.
The minimum BTL property value has also risen from £50,000 to £75,000.
Tony Field, sales director at Dynamo, said: “The introduction of lending on new build flats is a very positive move that will undoubtedly be broadly welcomed by investors in the sector.
“With stress rate calculations also decreasing and greater flexibility being allowed on terms, Skipton are demonstrating their support of the landlord community and the wider Buy to Let market.”
John Scrivens, regional manager at Skipton Building Society for Intermediaries, added that the mutual regularly sought broker feedback, and recently the topic of energy efficient property was becoming a “regular conversation point with landlords”.
He added: “It’s exciting that we are entering the new build flat market for BTL while keeping things simple by lending up to 75 per cent on them too, in line with our maximum LTV’s on BTLs.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.