The best buy to let mortgage deals have become easier to get.
The Yorkshire Building Society best buy to let mortgage deals have become easier to get as the lender has relaxed it's lending criteria. A relaxation of lending restrictions and the expansion of buy to let deals has been announced for deals across England and Wales.
The lender entered the buy to let market in August 2011 offering products through it's intermediary, Accord Mortgages. Up to now their best buy to let mortgage deals were available only in London and the South East. A spokesman for the building society said that the two regions were a 'pilot area' and now the lender is planning to offer it's products across England and Wales.
Changes have been made to it's buy to let criteria including dropping the minimum required property value to £100,000 and reducing the minimum applicant income from £35,000 to £20,000. There are also plans to cut the minimum age of applicants to 25 and lift the current 40 mile distance limit between the borrower and the property.
Due to a lack of mortgage availability rental prices have increased. Statistics from LSL Property Services shows rental prices have increased by almost £50 a month since 2008 and this is appealing to buy to let investors. According to the property website Rightmove, there are nearly three times more best buy to let mortgage products available than two years ago. However, lenders are likely to tighten their criteria this year against the weak economic backdrop and the eurozone crisis.
