Accord Mortgages has lifted its most loan-to-value on buy-to-let new-build flats, and boosted standards for contractors.
The Yorkshire Constructing Society broker-only arm has raised the utmost LTV to 75% for landlords trying to buy a new-build flat. Merchandise can be found for traders, as a part of the lender’s commonplace BTL vary.
The lender’s modifications for contractors embrace, for day-rate contractors, chopping minimal expertise necessities to 6 months from 12 months.
It’ll additionally contemplate earnings from two contracts — as an alternative of 1 — for mortgage affordability, the place earnings is sustainable.
For fixed-term contractors, the minimal expertise required has been minimize to 12 months, from 24 months. For employees employed by an umbrella firm, proof of this has been lowered to 3 months of payslips, or invoices and private financial institution statements.
Accord mortgage distribution senior supervisor Nicola Alvarez says: “Rising our LTV for BTL new construct flats demonstrates our assist for each the brand new construct and BTL markets.
“This alteration will assist brokers to help the rising variety of landlord purchasers trying to spend money on this sort of property because of the proposed new vitality efficiency certificates laws – as they usually include larger vitality efficiency certificates scores. Renters are additionally inserting growing worth on vitality effectivity.
“Our contractor modifications additional assist our common sense method to lending, opening up alternatives for brokers whose purchasers could also be discovering it tough to get the mortgage they want.
“Additionally they make the method simpler for brokers, who can have much less documentation to submit on these purposes.”