The Nottingham has added buy-to-let flats to its portfolio in response to broker feedback.
The society will lend up to 65 per cent loan-to-value on buy-to-let flats with property values between £100,000 and £500,000, and on terms up to 35 years. There can be a maximum of 10 floors in a block and flats above the fourth floor need lift access.
Flats need to be leasehold with a minimum of 85 years unexpired lease on application. Units need to be a minimum of 35 square metres and acceptable properties must be a minimum of two-years-old and have been previously occupied
The Nottingham for Intermediaries head of intermediary sales Nikki Warren-Dean says: “Our business development managers across the country relayed that brokers were increasingly asking for us to consider lending against buy-to-let flats.
“That feedback, twinned with the strategic pillar of The Nottingham to grow and reward our membership, led to the decision to add buy-to-let flats to our criteria. It is also fantastic news for landlords and mortgage advisers looking to take advantage of our rental calculation of 160 per cent at 4.25 per cent.”