This is calculated on an interest only basis at 4%, which the society said will make the rental income requirement “less onerous”.
The Melton Building Society has launched a 5-year fix at 2.75% for business buy-to-let customers with an interest coverage ratio of 145% of the mortgage payment.
This is calculated on an interest-only basis at 4%, which the society said will make the rental income requirement “less onerous”.
The product has no application fee and a completion fee of £399.
Dan Atkinson, head of sales and marketing, the Melton, said: “Landlords are increasingly looking for longer term fixed rates since they have reached an all-time low.
“The combination of a lower ICR calculation and fixed rate on this product makes buy to let from the Melton accessible to a wider range of landlords.”
The Melton offers a range of specialist buy-to-let mortgage products, including holiday buy-to-let and family buy-to-let and the society accepts first-time buyers, first-time landlords and non-owner occupiers.
