Loughborough Building Society extends criteria to include lending on flats
Loughborough Building Society has extended lending criteria across its residential, buy-to-let and shared ownership product range with the addition of flats to its list of acceptable properties.
The Leicestershire-based lender will now lend up to 80% LTV on buy-to-let flats in England and Wales, provided they are no more than five storeys high and serviced by a lift if the property is above the 2nd floor.
Loughborough will now also lend on residential flats for both standard and shared ownership mortgages up to 90% LTV. The exception being on new build properties where the maximum LTV is reduced to 80% of the purchase price/valuation or applicants share for shared ownership.
Ashley Pearson, National BDM at The Loughborough said: “As we’ve grown our proposition, we’ve listened to feedback from our panel members and continue to implement responsible levels of change where applicable and appropriate. It’s important for us as a mutual to support a variety of borrowing needs and provide a range of solutions for first-time buyers and, in particular, those looking at the shared ownership option.
“This criteria change will also allow us to accept greater levels of BTL business which we’ve previously had to turn away in the past. And this represents a positive move for a landlord community which needs all the support it can get.”