"Our latest changes are designed to deliver a simpler, more flexible process that reflects the realities of today’s property market"
- Matt Kingston - Nottingham Building Society
Nottingham Building Society has announced a series of changes to deliver broader and more accessible buy-to-let investment options for UK landlords.
Alongside its existing 75% LTV mortgages, the society has now added new two and five-year fixed 80% products to its standard and limited company buy-to-let ranges. Alongside that, it has also increased the maximum number of properties a landlord can buy-to-let through the organisation to five and reduced the minimum age of applicants to 21 – down from 25.
Furthermore, the lender will now accept bounce-back loans from SPVs. It will also be removing the need for business plans as part of any buy-to-let mortgage application.
The changes come after an exceptionally difficult 12 months for UK landlords, in which tax increases and economic pressures hampered the market.
“UK landlords have faced significant challenges in recent years, from rising interest rates and tax changes to evolving economic pressures that have tested even the most experienced investors," explained Matt Kingston, Sales Director at Nottingham Building Society, "We understand these pressures and are committed to providing solutions that make property investment more accessible and straightforward for current and aspiring landlords.
Matt adds, “Our latest changes are designed to deliver a simpler, more flexible process that reflects the realities of today’s property market. By opening our doors to more landlords, including younger applicants and those with non-traditional business structures, we’re reaffirming our commitment to embracing difference and fighting financial exclusion,"
“As a mutual, our purpose is to put people first, and we know landlords play a vital role in providing homes across the UK. By evolving our criteria and offering tailored solutions, we’re ensuring they can keep doing that while building a strong financial future for themselves.”
