The lender has reduced its rental cover to 100 per cent of the initial pay rate up to 75 per cent loan-to-value (LTV), 110 per cent up to 80 per cent LTV and a minimum of 115 per cent up to 85 per cent LTV.
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The lender is also introducing a top-slice option to allow clients to include personal income in the rental calculation and increasing the cap on its procuration fee to £10,000.
Tony Capon, head of intermediary sales at Derbyshire ISU, commented: “Brokers have always looked to Derbyshire for the best in BTL deals and we have adjusted our criteria to stay at the forefront of the market. These changes, along with changes to our procuration cap are strong reasons for brokers to put our products in front of their clients.”
The lender is also offering true self-cert within its BTL range. The minimum limit of £20,000 has also been removed.
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A number of lenders have recently enhanced their BTL criteria but Derbyshire insisted it would be willing to extend its lending further if brokers spoke to it directly.
Alistair Welham, head of marketing at Derbyshire ISU, said: “We are keen to underline our credentials as a key player in the BTL market and we emphasise to brokers to contact our underwriters if a case doesn’t exactly fit. There is no substitute for speaking to a human and we will look at our lending criteria if we can.”
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Jon Burridge, managing director at Quantum Mortgage Brokers, said: “These are sensible moves. Lenders are innovating to meet market demands.”
