The Nottingham has introduced a series of buy-to-let and limited company buy-to-let criteria changes.
The building society says it has responded to broker feedback by making changes including lower Interest Cover Ratio (ICR) figures for buy-to-let and reduced calculation rates for standard buy-to-let and limited company applications, together with the removal of a required minimum income.
The criteria changes are as follows:
- Limited company ICR five-year calculation rate 3.35% (from 5.50%)
- No minimum income required (was £25k p/a single applicant, £40k joint)
- No requirement to see last month’s personal and business bank statements as standard
- Standard buy-to-let Interest Cover Ratio (ICR) now 145% (from 165%)
- Standard buy-to-let ICR five-year calculation rate now at 3.45% (was 3.95%)
- Maximum LTV for lending on flats raised to 75% (was 65%)
- Removal of all Covid-related criteria
Christie Cook (pictured), the Nottingham’s head of mortgage product, said: “We’re delighted to bring such positive criteria changes to life, and believe they will make placing buy-to-let and limited company buy-to-let cases with us more accessible and cohesive for brokers than ever before.
“In turn, it’s a major positive for their customers and is the latest step in us highlighting our ongoing commitment to providing competitive and fit-for-purpose products, services and processes in the buy-to-let space.”
