The Yorkshire Building Society broker-only arm has raised the maximum LTV to 75% for landlords looking to purchase a new-build flat. Products are available for investors, as part of the lender’s standard BTL range.  

The lender’s changes for contractors include, for day-rate contractors, cutting minimum experience requirements to six months from 12 months.   

It will also consider income from two contracts — instead of one — for loan affordability, where income is sustainable.   

For fixed-term contractors, the minimum experience required has been cut to 12 months, from 24 months. For workers employed by an umbrella company, evidence of this has been reduced to three months of payslips, or invoices and personal bank statements.  

Accord mortgage distribution senior manager Nicola Alvarez says: “Increasing our LTV for BTL new build flats demonstrates our support for both the new build and BTL markets.  

“This change will help brokers to assist the growing number of landlord clients looking to invest in this kind of property due to the proposed new energy performance certificate regulations – as they often come with higher energy performance certificate ratings. Renters are also placing increasing value on energy efficiency.   

“Our contractor changes further support our common-sense approach to lending, opening up opportunities for brokers whose clients may be finding it difficult to get the mortgage they need.   

“They also make the process easier for brokers, who will have less documentation to submit on these applications.”