Leeds Building Society improves its Buy-to-Let criteria
Leeds Building Society has introduced a greater degree of flexibility into its criteria, by announcing that it will no longer impose a maximum tenancy period for Buy-to-Let mortgages.
Criteria regarding tenancy agreements has improved throughout the market in recent years.
Rather than insisting on a maximum of just 6 to 12 months, most lenders now allowing tenancies of 2, and in some case 3 years.
Very few currently go beyond this however, so the move by Leeds has been welcomed by many.
With people renting for longer, and an increase in the number of families with children living in the rental sector, there is a definite need for more security of tenure.
Leeds has now opted to accept agreements for a time period which is suitable for both landlord and tenant.
This will provide more choice for those who would prefer to have a longer agreement in place and offer a greater level of security for both parties.