We’re delighted to inform you of some improvements we have made to our Buy to Let proposition.
The changes relate to our Buy to Let calculator and actually came into effect on 23rd October ,they are as follows:
- We have reduced the minimum rental coverage ratio from 125% to 100% for customers whose total personal income is £75000 p.a. or more. ( sole income)
- Basic Rate Tax relief will be applied for BTL property finance costs when assessing affordability.
- We have improved our approach to how we treat residential monthly rent payments for non-home owners when assessing affordability
Please remember to ensure all Buy to Let applications are checked using the calculator on our website before submitting to ensure that they meet our lending requirements.
