The Nottingham has unveiled a series of buy-to-let and limited company BTL criteria enhancements.
The building society has responded to broker feedback by making changes including lower Interest Cover Ratio (ICR) figures for BTL and reduced calculation rates for standard BTL and limited company applications, together with the removal of a required minimum income.
Here are the lender’s criteria changes in full:
- Limited company ICR five-year calculation rate 3.35% (from 5.50%)
- No minimum income required (was £25k p/a single applicant, £40k joint)
- No requirement to see last month’s personal and business bank statements as standard
- Standard BTL Interest Cover Ratio (ICR) now 145% (from 165%)
- Standard BTL ICR five-year calculation rate now at 3.45% (was 3.95%)
- Maximum LTV for lending on flats raised to 75% (was 65%)
- Removal of all Covid-related criteria
The Nottingham’s head of mortgage product, Christie Cook (pictured), said: “We’re delighted to bring such positive criteria changes to life, and believe they will make placing buy-to-let and limited company buy-to-let cases with us more accessible and cohesive for brokers than ever before.
“In turn, it’s a major positive for their customers and is the latest step in us highlighting our ongoing commitment to providing competitive and fit-for-purpose products, services and processes in the BTL space.”
