Principality updates BTL lending criteria

Principality Building Society has announced that it has made changes to lending criteria for both buy-to-let and holiday-let following broker feedback.

Related topics:  Finance,  Landlords,  BTL
Property | Reporter
12th June 2023
Principality 555

Multiple changes have been made to Principality's lending criteria, covering BTL, Holiday Let, and residential mortgages.

According to the lender, the new updates include:

First-time buyers are no longer required to own their own home when applying for a Buy To Let/Holiday Let (BTL/HL) Mortgage.

There is also no minimum income required to make an application for HL/BTL mortgages
Accepting employed income up to the age of 75 for all residential mortgages.

Principality will use current income to assess affordability, up to the age of 75, as long as the customer is more than 10 years from retirement and can show that they are paying into a private pension.

Helen Lewis, National Account Manager at Principality, said: “We’re delighted to be introducing our updated lending criteria to the market. The changes have been made in response to feedback from our brokers, customers and staff, and we’re pleased to be able to help more people onto their property ladder with these latest offerings.”

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