The mutual will lend up to 80 per cent loan to value (LTV) on buy-to-let flats in England and Wales. Properties must be in buildings no more than five storeys high and must be serviced by a lift if the property is above the second floor.
For residential flats including standard and shared ownership mortgages, the mutual will lend up to 90 per cent LTV. For new-build flats, lending is available up to 80 per cent LTV of the purchase price or valuation and for shared ownership, this will be up to 80 per cent LTV of the applicant’s share in the home.
‘A positive move for the landlord community’
Ashley Pearson (pictured), national business development manager at The Loughborough said: “As we’ve grown our proposition, we’ve listened to feedback from our panel members and continue to implement responsible levels of change where applicable and appropriate.
“It’s important for us as a mutual to support a variety of borrowing needs and provide a range of solutions for first-time buyers and, in particular, those looking at the shared ownership option.”
He added: “This criteria change will also allow us to accept greater levels of buy-to-let business which we’ve previously had to turn away in the past. And this represents a positive move for a landlord community which needs all the support it can get.”
