Nottingham Building Society and ModaMortgages have introduced significant updates to their buy to let mortgage offerings, providing greater flexibility and new options for landlords. These changes reflect a broader trend in the market to accommodate evolving landlord needs and property types.

Nottingham Building Society extends mortgage terms and broadens criteria

Nottingham Building Society has extended its maximum buy to let mortgage term from 35 to 40 years, allowing landlords more flexibility in structuring their borrowing. This extension is particularly relevant where longer terms can positively affect affordability and repayment profiles, offering landlords enhanced financial planning options.

In addition to lengthening the mortgage term, Nottingham has opened its lending criteria to include first-time landlords, a notable shift that could encourage new entrants into the buy to let market. The society has also adjusted lease length requirements in cases where properties continue to meet end-of-term standards, reflecting a more nuanced approach to property eligibility.

These changes represent a comprehensive reassessment of how buy to let cases are evaluated, aiming to create a more practical and transparent framework for landlords managing their investments.

Portfolio checks and responsible lending

Nottingham has revised its portfolio coverage to ensure greater consistency in background portfolio checks. Despite these updates, the society maintains its existing affordability rules and responsible lending measures, underscoring its commitment to prudent lending practices.

Earlier changes introduced this year remain in place, including expanded lending on ex-local authority flats and an updated approach to concessionary purchases. The latter allows landlords to sell properties to tenants at a discount, supporting tenant home ownership while providing landlords with flexible exit strategies.

Matt Kingston, Nottingham’s sales director, commented: “Extending the maximum mortgage term, opening our criteria to first-time landlord borrowers, and adopting a more transparent portfolio stress rate all help create a more practical framework for landlords managing their investments today.”

ModaMortgages launches new limited edition buy to let range

ModaMortgages has introduced a limited edition range of buy to let products designed to cover both standard and more complex property types. The new range includes two- and five-year fixed deals on single dwellings, with rates starting at 3.39%.

Additionally, the range caters to landlords of Houses in Multiple Occupation (HMOs) and multi-unit blocks of up to six units, with pricing from 3.49%. These products are available to both individual landlords and limited companies, broadening access across different ownership structures.

ModaMortgages is also offering free valuations across the range, providing added value to landlords seeking to finance their property investments.

Roger Morris, group distribution director at ModaMortgages, said: “With markets changing daily, landlords want options they can understand and rely on. We remain committed to offering the solutions and support that brokers and their clients need to feel like they’re on solid ground, even when the sands keep shifting.”

What this means for landlords

The extension of mortgage terms and inclusion of first-time landlords by Nottingham Building Society could make buy to let lending more accessible and manageable, particularly for those starting their portfolio or seeking longer repayment periods. Adjustments to lease length and portfolio checks also suggest a more flexible and transparent lending environment.

ModaMortgages’ new product range, including options for HMOs and multi-unit blocks, reflects growing recognition of diverse landlord needs and property types. Competitive rates and free valuations may encourage landlords to explore refinancing or new purchases with greater confidence.

Together, these developments signal a market shift towards more tailored and landlord-friendly mortgage solutions, supporting investment strategies in a changing property landscape.

Source: Based on reporting from Property118

TLA Training Academy

The Landlord Association has launched its new Training Academy for UK landlords, providing structured guidance, compliance education, and practical knowledge to support landlords at every stage. Members can now complete the programme and become TLA Certified Landlords at no additional cost as part of their membership.

Landlords can explore the Academy here: https://landlordassociation.org.uk/tla-academy/

Those looking to join and access the full training and certification can register here: https://landlordassociation.org.uk/landlord-association-membership-uk/

TLA update

The Landlord Association is currently onboarding new service providers into its Trusted Partner Hub, a new initiative designed to support landlords, tenants, letting agents, and property managers with vetted, high-quality services. As one of the fastest growing landlord associations in the UK, TLA offers partners direct access to an engaged and active member base at the point of need. Service providers across legal, maintenance, insurance, finance, mortgages, tenant screening, and property services can register their interest here: https://landlordassociation.org.uk/become-a-tla-service-partner/