Colin Dale, head of lending, said: “A lot of these changes are about making it much more flexible for landlords to finance the properties they want, using the competitive mortgage deals Skipton offers, so they can get the best returns possible on their investment.”
Key features – buy-to-let lending criteria
- Loan-to-value (LTV) ratio increased to 85% for loans up to £500,000 (previously 75% LTV)
- Rental income cover reduced to 110% for all loans (previously 125%)
- Removal of a minimum income requirement
- Residential BTL mortgage products available for any number of properties, to a maximum total loan value of £3 million (previously landlords with more than 10 properties had to take a commercial BTL product)
- Automated valuation models (AVMs) used for buy-to-let remortgages up to 80% LTV on properties up to a value of £1 million
- Corporate lets for up to three years now accepted
- Use of Bank of England Base Rate to calculate mortgage interest rates (previously UK Libor rates)
