UPDATE: Nationwide have backed down releasing the following statement on their facebook page:
“The Mortgage Works, a subsidiary of Nationwide Building Society, has removed the exclusion of tenants on benefits and Local Authority tenants from its Buy-to-Let terms and conditions. This follows concerns raised by its customers.
“The clarification of the terms and conditions, which took place last December, brought The Mortgage Works into line with several other Buy-to-Let lenders. This will now be removed.”
In a shocking, and possibly illegal decision, one of Britain’s biggest buy-to-let mortgage lenders is to ban landlords from accepting tenants on Local Housing Allowance.
This nasty little move will mean unemployed, disabled people, many pensioners and people on low wages will be locked out of a large sector of the private rental market. This comes at a time when homelessness is soaring and the bedroom tax is set to force hundreds of thousands…
View original post 521 more words