In line with the Prudential Regulation Authority’s Buy to Let underwriting standards, from Monday 12th December we will be changing the way we assess affordability on Buy to Let and Holiday Let mortgages.
The rental cover will be increasing from 125% to 145% and our affordability rate will be decreasing from 5.74% to 5.50%.
The increase in rental cover will ensure that future phased changes to taxation are factored into our assessment.
Please note that we will not be changing the way we assess background Buy to Let properties on residential applications.
If you’ve got any queries, please don’t hesitate to contact your dedicated Intermediary Support Team on 0330 333 4029, and we’ll be happy to help.
Thank you for continuing to support Principality.
Kind regards
Emma Graham
Key Account Manager
