BTL landlords, who find that low rental yields are affecting their ability to afford to mortgage a BTL property, can use the facility that allows applicants to use other income in the event of rental income shortfall.
Alistair Welham, head of marketing at Salt, commented: “The rising interest rate environment and increased cost of housing have combined to make it increasingly difficult for BTL investors to meet interest payments on the mortgage from rental income alone. This new facility will greatly assist affordability by being able to utilise income that is not required to support other mortgages or loans. Where rental income is insufficient, using Salt’s new criteria, a client can elect to top up by using other income and be able to complete the deal successfully.”
Salt has also announced price changes on its BTL range:
• Two-year fixed rates start from 5.49% (with a 2.5% fee)
• Three-year fixed rates start from 5.59% (with a 2.5% fee)
Tony Capon, head of sales at Salt, said: “Salt has some of the most competitive products in the BTL market and the new pricing allied to our criteria changes which improve affordability is the shot in the arm that the BTL market needs to maintain its momentum.”
