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 buy-to-let 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.”
