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Newcastle lowers income requirements on BTL

by: Heather Greig-Smith
  • 06/06/2017
  • 0
Newcastle lowers income requirements on BTL
Newcastle Intermediaries has reduced the minimum income requirement for joint buy-to-let properties from £40,000 to £30,000.

The lender said this change enhances its existing buy-to-let lending policy which includes no maximum age limit and five-year fixed products stressed at 145% at 4%.

Newcastle has also announced a range of refreshed range of buy-to-let products, including fee assisted options.

All products in the range allow borrowers to overpay by 10% of their mortgage balance a year, over and above the existing policy which allows £499 regular monthly overpayments.

Steve Carruthers (pictured), head of mortgage distribution at Newcastle Intermediaries, said: “As we continue to grow our buy-to-let offering, the reduction of the minimum income for joint properties reflects our commitment to the market and to providing more flexibility for brokers seeking the right choice for their clients.”

The news follows Newcastle’s announcement of revised rates for first-time buyers.

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