The Nottingham Building Society (The Nottingham) has spoken of its delight in signing up to a new Council of Mortgage Lenders (CML) statement of practice on buy-to-let mortgage lending.
The CML today announced that The Nottingham are one of 30 lenders (who together represent 87% of the buy-to-let market) who have committed to the statement, which reflects existing good practice and looks to make sure buy-to-let borrowers have their mortgage responsibilities clearly explained.
It also signposts information from other organisations about the obligations of being a landlord, and is endorsed by the Residential Letting Agents, the Association of Residential Letting Agents, the Association of Mortgage Intermediaries and the Intermediary Mortgage Lenders Association.
Chris Parker, The Nottingham’s Head of Intermediary Sales, said: “We pride ourselves on transparency and clear explanations of obligations so for us it was a no-brainer to sign up to the statement of practice, which can only benefit customers.
“We welcome the statement, which can only help build borrower confidence and help them understand the buy-to-let landscape, and are pleased to have signed up.”
For more information about the new statement of practice please read the CML press release here©LandlordZONE® – legal content applies primarily to England and is not a definitive statement of the law, always seek professional advice.