YBS to boost buy-to-let presence

The Yorkshire Building Society is extending the geographical reach of its buy-to-let proposition to cover properties across England and Wales on Monday.
It is also improving its criteria.

The mutual moved into the buy-to-let market last August via its intermediary lender Accord Mortgages, and initially restricted lending to properties in London and the South East.

Over the following months the lending panel was expanded as the Society gradually added further products to the range.

Changes to the Society’s criteria include:

* The minimum property value will reduce from £150,000 to £100,000
* The minimum applicant age will reduce from 30 to 25
* The lifting of a 40 mile distance from borrower to property location restriction
* Broker-certified copies of documentation will now be accepted instead of original documents being required
* The minimum income for an applicant will reduce from £35,000 to £20,000.

Jeremy Law, the Yorkshire’s head of buy-to-let, said: “We have always been open about our intentions to roll-out our buy-to-let offering to a wider geographical area and the expansion across England and Wales will represent the next step in our staged entry into buy-to-let.