Awaiting Image

Lenders not following in Nationwide’s buy-to-let footsteps

After Nationwide stopped accepting buy-to-let remortgage applications, other lenders have insisted they will not be following in their footsteps.

Nationwide recently announced that it would no longer accept remortgage applications in order to fund buy-to-let, but other lenders have decided not to follow suit.

The Mortgage Works, Nationwide’s buy-to-let arm, will continue to accept remortgage applications to fund buy-to-let but not from Nationwide customers.

A spokeswoman for the building society said that the move was part of a transition to a single mortgage processing system.

“The society is streamlining a small number of specific lending scenarios and reducing manual processes,” she explained.

However, brokers have suggested that the policy is confusing and contradictory given that the lender is already in the buy-to-let sector in the form of The Mortgage Works.

Several of the mainstream lenders have already confirmed they have no plans to change their existing guidelines, including Santander, Barclays and Coventry Building Society and Leeds Building Society.

Property investment is currently seen as a viable option given the strength of the buy-to-let market, with student property and houses in multiple occupation producing significant yields.

Subscribe to our newsletter

Please enter your name and email address

By submitting your details via this online form you agree to be contacted via email/phone/SMS by Select Property Group in relation to its property investment brands.

There was an error with your subscription. Please try again.
Thank you for subscribing. You will now be fully informed of all investment property news and insights.