The Suffolk Building Society has recently announced a relaxation of its criteria for UK and expat landlords, making it easier for them to access mortgages. This move is part of the Society’s ongoing commitment to helping landlords, both in the UK and abroad, to secure the best possible mortgage deals.
The new criteria will allow landlords to access mortgages with a maximum loan-to-value (LTV) ratio of up to 75%. This is an increase from the previous maximum of 70%, and means that landlords can borrow more money against the value of their property. The Society has also relaxed its criteria for expat landlords, allowing them to access mortgages with a maximum LTV of up to 80%.
The Suffolk Building Society has also introduced a number of other measures to make it easier for landlords to secure mortgages. These include allowing landlords to use rental income from their properties to help cover their mortgage payments, as well as offering flexible repayment options. The Society has also said that it will consider applications from landlords who have been self-employed for less than two years.
The Suffolk Building Society’s move is part of a wider trend among lenders to make mortgages more accessible to landlords. This is due to the fact that the UK rental market is currently booming, with demand for rental properties outstripping supply in many areas. As such, lenders are keen to make it easier for landlords to access mortgages in order to meet this demand.
Overall, the Suffolk Building Society’s relaxation of its criteria for UK and expat landlords is welcome news for those looking to secure mortgages. The new measures should make it easier for landlords to access the finance they need in order to purchase or develop rental properties, helping to meet the growing demand for rental accommodation in the UK.