The Leeds Building Society is making changes to some of its lending criteria on its buy-to-let mortgages.
The mutual is increasing the maximum number of buy-to-let properties a borrower can hold. It will continue to lend on up to four properties but has increased the maximum permitted in a borrower’s buy-to-let portfolio to eight.
In addition, in future the minimum salary required for buy-to-let borrowers will be £25,000.
“We’re making these changes to bring us more closely in line with the rest of the industry on buy-to-let mortgages,” said Martin Richardson, Leeds Building Society’s general manager – business development.
“The buy-to-let sector is growing and is part of a normal mix of housing tenures, including private rentals.
“Many of our buy-to-let applicants are more experienced landlords so these changes will enable us to support more borrowers.”
Other criteria on buy-to-let mortgages remain unchanged: the Society will lend up to 70% LTV and rental income must be at least 125% of interest payable on the buy-to-let variable rate.
