Loans of up to 90% LTV for residential flats and up to 80% LTV for buy-to-let flats are available
The Loughborough Building Society has added flats to its list of acceptable properties, extending its lending criteria across its residential, buy-to-let, and shared ownership product range.
The Leicestershire-based mutual will now lend up to 80% loan-to-value (LTV) on buy-to-let flats in England and Wales. The flat must be serviced by a lift if the property is above the second floor and must not be more than five storeys high.
Loughborough will now also lend on residential flats for both standard and shared ownership mortgages up to 90% LTV, except on new build properties where the maximum LTV is reduced to 80% of the purchase price, valuation, or applicants share for shared ownership.
“As we’ve grown our proposition, we’ve listened to feedback from our panel members and continue to implement responsible levels of change where applicable and appropriate,” Ashley Pearson (pictured), national business development manager at the Loughborough Building Society, said. “It’s important for us as a mutual to support a variety of borrowing needs and provide a range of solutions for first-time buyers and, in particular, those looking at the shared ownership option.
“This criteria change will also allow us to accept greater levels of BTL business which we’ve previously had to turn away in the past. And this represents a positive move for a landlord community which needs all the support it can get.”