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Leeds tweaks tenancy agreement criteria

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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.”

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  • Ajk 14th August 2016 at 9:20 pm

    Sensible u/w. Let’s hope other lenders follow

  • Commercial Trust 11th August 2016 at 2:21 pm

    This is very good news. If clients want to work with a lender who will permit indefinite AST agreements, their choices are currently very limited. It’s gratifying to see a high-street firm take into account the changing dynamic of the private rental sector and implement a common-sense change to its tenancy criteria.