This Week’s News…
Yorkshire Building Society (YBS) are making some changes to how they approach First Time Landlords (FTLs) in the Corporate Buy to Let market. As part of the changes YBS made to their lending criteria in response to Covid19 they introduced a restriction on lending to FTLs. As the economy is recovering the restriction on FTLs is no longer a requirement. YBS are aiming to specifically support business people and professionals who want to invest in buy to let property for the first time.
What does this mean in practice?
YBS want to lend to applicants that have strong personal financial backgrounds and those with a good credit history. They are seeking to support FTLs with a minimum income of £75,000. In addition, the maximum aggregated exposure to an FTL will be £2m. They understand that in this target market income may not easily be identified through salary information. They are able to apply some flexibility when identifying income levels. Please contact your usual Relationship Director to discuss any new lending that qualifies for support under this change.