Skipton International has made changes to its buy-to-let (BTL) criteria, following feedback from brokers and a reassessment of the marketplace.
With immediate effect, the minimum loan size for Special Purpose Vehicle (SPV) lending will be decreasing to £100,000, and the maximum number of properties that can be held in the SPV is increasing from two to five.
They also reduced interest rates, removing the lowest banding, which was also the highest rate. The new bandings are from £100,000 up to £399,999 and £400,000 and above, effectively reducing the top banding from £500,000 to £400,000.Â
This is for all applications both in personal names and SPVs.
Furthermore, Skipton increased the number of BTL properties held in a portfolio from five up to 10 excluding one residential only.
This is a maximum of 10 at the end of the transaction if a purchase or – if a remortgage – to release equity to purchase another buy-to-let, it needs to include this onward purchase.
