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Yorkshire BS enters buy-to-let sector

Yorkshire Building Society has entered the buy-to-let sector.

The building society, which announced its intentions to enter the sector in February, will distribute its new buy-to-let products through its intermediary lending arm, Accord Mortgages.

Initially the products will be available only through two selected partners and in London and the South East. However, this will be rolled out to more of its lending partners and to other areas after an initial trial period.

The new range will include two products. They are both two-year fixed rates and are priced at 4.29 per cent and 4.59 per cent up to 65 and 75 per cent respectively. Both are available for a £995 fee.

YBS has an existing buy-to-let mortgage book as a result of its acquisition of Chelsea Building Society in 2009.

YBS head of buy-to-let Jeremy Law says: “We will approach buy-to-let mortgages as we would with any other home loan, as a responsible and prudent lender.

“Initially, we plan to offer products for properties located in London and the South East to ensure a manageable entry into the market.  However, we hope that we may be able to extend our geographical spread later in the year once we have our operation up and running.”

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