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Melton BS lowers ICR for buy-to-let remortgages

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  • 28/11/2017
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Melton BS lowers ICR for buy-to-let remortgages
Melton Building Society has lowered its interest coverage ratio for business buy-to-let customers to 130% of the monthly mortgage interest payment.

The loan applies to pound-for-pound remortgages and is calculated on an interest-only basis using a stressed interest rate of 5.5%.

The mutual considers lending to landlords with a portfolio of up to three properties, with a total borrowing of £500,000 and a maximum loan to value of 75% (60% for holiday lets).

Melton’s director of sales and marketing Nicola Alvarez said: “We have long experience of this type of finance and this enhancement reaffirms our support for the buy-to-let market.”

Its buy-to-let proposition includes consumer, business, holiday and regulated family buy-to-let products.

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Owain Thomas is features and contributing editor of Mortgage Solutions and editor of Specialist Lending Solutions. He also has experience in the protection, pensions, workplace benefits and HR areas. Owain has won two Headline Money Awards and the Protection Review's Journalist of the Year award.

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