The big news came from Precise which announced it will now accept landlord’s income to cover rental requirement shortfall.
Its income-supported buy-to-let offering means those landlords who easily have the means to cover any shortfalls can now make use of this rather than being rejected unnecessarily – a smart move by a smart lender.
Precise also launched a limited edition lifetime tracker product which will be available for personal ownership buy-to-let.
The product is not available for limited company, limited company HMO or houses in multiple occupation (HMO).
Rental cover rate changes
Skipton made some changes to its buy-to-let range, including implementing rate reductions of up to 0.25% on selected products and a rate increase of 0.16% on five-year buy-to-let fixes for remortgages to 60% LTV with a £1,995 fee (up to 2.35% from 2.19%).
Accord had a little Christmas present for the market, reducing three of its five-year deals at 65% LTV by up to 0.27%. The new rates are available for either purchase or remortgage and come with a range of incentives including cashback, free legals and free valuation.
Finally, Santander has made a host of changes to its buy-to-let proposition including introducing a 130% rental cover rate where at least one applicant’s income tax band is 20% or less.
Where all applicants’ income tax band is 40% or 45% a rental cover rate of 145% will apply. Meanwhile a 125% rental cover will apply for remortgages without capital raising under transitional arrangements for all income tax bands.
And that was it for 2017. We’re ready for you 2018.