Yorkshire Building Society launches buy-to-let mortgages

A building society has entered the buy-to-let mortgage market.

Yorkshire Building Society has launched its first buy-to-let products today through its Accord Mortgages arm.

The first buy-to-let mortgages are restricted to properties in London and selected postcodes in the South-East, and are only available through two brokers, London and Country and The Buy-to-Let Mortgage Business.

The buy-to-let landlord has to be aged 30 or over, or 35-plus if they are a first time landlords, and must earn a minimum income of £35,000. It is also a condition that the rental property is no more than a 40-mile drive from the applicant’s home.

Yorkshire expects to roll out the products to more brokers and more areas later in the year.

Jeremy Law, head of buy-to-let at Yorkshire, said: “Initially, we plan to offer products for properties located in London and the South-East to ensure a manageable entry into the market.

“However, we hope that we may be able to extend our geographical spread later in the year once we have our operation up and running.”

Yorkshire obtained a buy-to-let mortgage book when it acquired Chelsea Building Society two years ago, but this is its first new lending.