Lender offers mortgages for long-term lets

One buy-to-let lender the Nationwide BS is now allowing landlords to offer their tenants longer-term rental contracts of up to 3 years.

Most lenders restrict buy-to-let borrowers to a tenancy with a maximum of contract of 1 year.

Their new buy-to-let mortgage products offer mortgages to landlords that offer longer term tenancies of up to 3 years.  Divisional Director of Mortgages at Nationwide Group, said: ‘The private rental sector has grown and changed phenomenally over the last few years, with rising numbers of families looking to rent in particular. We want our buy-to-let borrowers to be in a position to be able to meet the changing needs of the market.”

Their is currently no maximum term for an Assured Shorthold Tenancy but if it is created for more than 3 years is has to be be created as a deed.

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