Following broker feedback, the Nottingham for Intermediaries has added buy-to-let flats to its lending criteria.
The Nottingham’s lending criteria for buy-to-let flats is as follows:
- Up to 65% LTV
- £500,000 maximum loan
- 35-year maximum term
- Minimum property valuation of £100,000
- Maximum ten floors in a block – flats above the fourth floor need lift access
- Flats/studios need to have a minimum of 35 square metres
- Acceptable properties must be a minimum of two years old and been previously occupied
- Leasehold only (minimum 85 years unexpired lease on application)
Nikki Warren-Dean (pictured), head of intermediary sales for the Nottingham for Intermediaries, said: “Our business development managers across the country relayed that brokers were increasingly asking for us to consider lending against buy-to-let flats.
“That feedback, twinned with the strategic pillar of the Nottingham to grow and reward our membership, led to the decision to add buy-to-let flats to our criteria.
“It is also fantastic news for landlords and mortgage advisers looking to take advantage of our rental calculation of 160% at 4.25%.”
