It has improved its offering with the release of enhanced products and criteria changes. Salt, whose residential and commercial mortgage business has generated significant business volumes over the past eighteen months, is looking to expand its presence in the BTL market.
Highlights
• Typical rates – fixed rates from 5.45 per cent and base rate trackers from 5.14 per cent
• Rental cover now starts at 100 per cent - Introducing a tiered rental calculation based on the initial pay rate:-
- Up to 75 per cent loan-to-value (LTV) - minimum 100 per cent rental
- Up to 80 per cent LTV - minimum 110 per cent rental
- Up to 85 per cent LTV - minimum 115 per cent rental
• Self-certification and additional income allowance
- Minimum income of £20,000 can be self-certified
- Introduction of a ‘Top Slice’ income option where a client can make up rental shortfall by using other verified income
• No procuration fee cap
Tony Capon, head of sales at Salt, commented: “Salt already has one of the strongest product portfolios in the residential non-conforming market, backed up by flexible underwriting and intermediary access to our underwriters. Our intermediaries have asked us to develop our presence in the BTL market and this has led us to review our offering and make changes which put us firmly in the upper quartile of BTL lenders.”
