Leeds Building Society has changed the tenancy agreement section of its buy-to-let mortgage criteria.
The lender will now accept tenancy agreements for a period to suit both the tenant and the landlord.
It will also not set a maximum tenancy period. Previously Leeds asked for 12 months.
Leeds Building Society chief commercial officer Richard Fearon says: “This is a good example of our strategy of supporting borrowers who are not well served by the market.
“By demonstrating flexibility and not imposing a maximum tenancy period we are helping to support our buy-to-let borrowers.”
L&C Mortgages associate director David Hollingworth says: “More people are renting for longer but often find that they have little security of tenure, with tenancies often offered only as a six to 12 month option.
“Leeds Building Society’s removal of the maximum tenancy period will help increase choice for landlords and their tenants, both of whom may prefer a longer-term tenancy agreement to be in place.”