"In doing so, we will begin to see a more balanced and welcoming BTL market that puts stability and flexibility for families first."
Leeds says that although a number of lenders will now accept longer term tenancies, most will only go to a maximum of three years.
Richard Fearon, Leeds Building Society’s Chief Commercial Officer, said: “This is a good example of our strategy of supporting borrowers who are not well served by the market. By demonstrating flexibility and not imposing a maximum tenancy period we are helping to support our Buy to Let borrowers.”
Stephen Smith, Director, Legal & General Housing Partnerships, commented: “I am delighted to see that Leeds Building Society has scrapped its maximum tenancy period for buy to let mortgages. Changes like this will strengthen the housing market and give control back to landlords and tenants.
“This decision from Leeds Building Society is a key step towards regaining stability for families and fuelling the building of communities. It’s encouraging to see lenders responding to the needs of their customers whilst also giving tenants the freedom and flexibility they have desperately longed for.
“Looking to the future, I hope other lenders will follow suit and take this progressive step forward by scrapping their own maximum tenancy periods. In doing so, we will begin to see a more balanced and welcoming BTL market that puts stability and flexibility for families first.”
