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In the past lenders have tended to restrict tenancies to a 12 month maximum.
Nationwide is the first of the major BTL lenders to change its rules.
Richard Napier, divisional director of mortgages at Nationwide, said
Nationwide is the first of the major BTL lenders to change its rules.
Richard Napier, divisional director of mortgages at Nationwide, said
“The private rental sector has grown and changed phenomenally over the past few years, with rising numbers of families looking to rent. We want our buy-to-let customers to be in a position to meet the changing needs of the market,” Mr Napier said.
The changes have been welcomed by letting agents and tenants who see it as a move towards greater stability and security for renters.
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