Complex Buy To Let
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.
