Mortgage Lender Exits LHA Market

Mortgage provider Nationwide, which provides buy-to-let mortgages for 34 per cent of the buy-to-let market, has withdrawn from lending to new landlord customers with Local Housing Authority tenants.  The Mortgage Works, Nationwide’s buy-to-let lending subsidiary, had lent on a case-by-case basis to landlords with tenants receiving housing benefits. But in a statement, TMW said: “Previously, lending to landlords with local authority tenants was not explicitly referenced in TMW’s lending criteria. Our re-issued terms and conditions make it explicit that local authority tenants are not acceptable.”  Read more on the National Landlords Association website.