Loughborough Building Society has extended lending criteria across its residential, buy-to-let (BTL) and shared ownership product range, adding flats to its list of acceptable properties. 

The lender will now lend up to 80% loan-to-value (LTV) on BTL flats in England and Wales, providing they are no more than five storeys high and serviced by a lift if the property is above the second floor. 

It will also lend on residential flats for standard and shared ownership mortgages up to 90% LTV, except on new build properties where the maximum LTV is reduced to 80% of the purchase price/valuation or applicants share for shared ownership.

Loughborough Building Society national business development manager Ashley Pearson says: “As we’ve grown our proposition, we’ve listened to feedback from our panel members and continue to implement responsible levels of change where applicable and appropriate.”

“It’s important for us as a mutual to support a variety of borrowing needs and provide a range of solutions for first-time buyers and, in particular, those looking at the shared ownership option.”

“This criteria change will also allow us to accept greater levels of BTL business which we’ve previously had to turn away in the past. And this represents a positive move for a landlord community which needs all the support it can get.”