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Principality BS cuts stress rate for buy-to-let mortgage prisoners

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  • 19/09/2018
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Principality BS cuts stress rate for buy-to-let mortgage prisoners
Principality Building Society has reduced its stress rate for buy-to-let (BTL) pound-for-pound remortgages.

 

The move will help to support so-called mortgage prisoners who were trapped on their existing deal and unable to remortgage following changes to buy-to-let lending regulations.

The mutual will offer a stress rate of 125% at 5.5% to remortgaging customers, provided the security was purchased prior to January 2017.

Other BTL applications will continue to be stressed at 145% at 5.5%.

Emma Graham, key account manager at Principality, said: “After a successful pilot scheme, we made this decision to help landlords who took out BTL mortgages before the new PRA affordability rule which came into effect in January 2017.”

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