For Buy to Let applications of up to 10 properties, the rental income calculation has been simplified. Clients must expect to receive at least 100% of the monthly mortgage payment in rent. This is calculated as if on an interest only basis at a notional rate of 6%. The £25,000 income requirement applies for up to 10 properties and this now includes both earned (combined for joint applications) and rental income. The £95 Additional Borrowing fee for Buy To Let Remortgage applications no longer applies. The procuration fee cap has been removed for all Buy To Let products in the range.
The together range, which offers a mix of secured and unsecured borrowing up to 125% LTV (max 95% secured), has been simplified with the removal of the 115% LTV tier.
Flexible Fixed and Flexible Tracker rates for loans up to 85% LTV now start at 5.19%.
All of the above products are available with a Help with Costs benefit of £750 and, for a slightly higher rate, the option of paying no arrangement fee.