The bank has announced a series of changes, including 85 per cent LTV on buy-to-let (BTL) loans up to £300,000; 90 per cent LTV on self-certification loans up to £200,000, as well as a range of LTV figures on semi-commercial and status mortgages.
In addition, Heritable Bank has reduced its completion fees for portfolio BTL mortgages, in a bid to provide enhanced value for landlords seeking funding for multiple properties.
Colin Stevens, director of residential lending at Heritable Bank, commented: “We were keen to simplify and enhance our LTV requirements to better reflect the real world borrowing requirements of our various customer groups. Our careful, case-by-case approach to underwriting decisions, taking all income sources and outgoings into account, enables us to reduce our initial equity requirement. Experienced BTL investors will find our portfolio-wide approach to rental cover particularly attractive.”
Andy Pratt, chief operations officer at Alexander Hall, commented: “Its good Heritable is enhancing its products. You can get BTL and self-certification loans with higher LTV of 95 per cent from a variety of other lenders. However, although Heritable Bank’s LTV criteria is not market leading, it is good that it is raising its level so it can continue to compete in the market. Heritable Bank will never be a massive player, but its products will be right for some customers.”
