Leek United has made a number of changes to its lending policy across its retirement, buy-to-let and remortgage product ranges.
In terms of its buy-to-let criteria, the building society has removed the affordability assessment for non-homeowner buy-to-let’s. The society now needs £20,000 income and normal interest rate coverage.
Meanwhile, the borrowing rate to be used for affordability assessment for a like-for-like remortgage has been reduced to the Leek United’s Standard Variable Rate.
Lisa Buckley, Leek United’s head of sales and marketing, said: “I’m confident the changes to lending policy will be welcomed by our broker partners and provide further opportunities for them when it comes to assessing income and affordability for older borrowers and new buy-to-let customers.”
John Kelly, operations director at Leek United, added: “These updates are designed to ensure our lending policies are in line with our current assessment when considering pension and SIPP incomes as well as improving affordability requirements for non-homeowner buy-to-let borrowers.
“We constantly review and respond to the prevailing market demands and our own lending strategy which these improvements take account of in a dynamic mortgage market.”