The Mortgage Works subsidiary of the Nationwide Building Society has recently announced a climb down on it's change of conditions on lending to landlords looking to rent to tenants on the Local Housing Allowance. This was apparently after concerns expressed by customers.
Originally Nationwide's The Mortgage Works subsidiary had changed its terms and conditions to exclude lenders who wanted to offer properties to tenants on benefits and Local Authority tenants.
Richard Napier, the group’s mortgage director commented:
“We have listened to concerns that have been expressed by some of our customers, over the last few days, and believe this is the right way forward for The Mortgage Works, for landlords and for their tenants.”
There are still a number of buy-to-let mortgage lenders that are prepared to lend to landlords letting to tenants on benefits. For more details contact Property Hawk Mortgages for advice.
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