You are here: Home - News -

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

by:
  • 19/09/2018
  • 0
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.”

There are 0 Comment(s)

Comments are closed.

You may also be interested in

  • Nice to end the year on a high thanks to IMLA research... https://t.co/fdagObsD7X
  • Download now! Mortgage Industry Collective Christmas single Take Me Home goes live - Mortgage Solutions… https://t.co/a7F7QKdON7
  • My week on Twitter 🎉: 56 Mentions, 76.4K Mention Reach, 18 Likes, 4 Retweets, 1.36K Retweet Reach. See yours with… https://t.co/e8yC8yetki

Read previous post:
Mortgage Administrator iVENT 2018: How to spot mortgage fraud

Administrators must listen to their gut feeling to spot mortgage fraud and act on any doubts in a case, according...

Close