Teachers Building Society has amended and enhanced its Buy-to-let criteria to provide intermediaries with clear guidelines on requirements for all BTL mortgages and remortgages.
New changes include amends to maximum age and coverage ratio as follows:
- Increase in maximum age at end of term to 83
- Increase maximum term of mortgage to 40 years
- Standard BTL: Coverage ratio for lower rate tax payers reduced from 145% to 125%
- Increase LTV for remortgage of existing BTL to 75%
Andy Yates, Business Development Manager at Teachers Building Society, said: “In addition to the recent launch of our Holiday Let criteria, we have made some changes to our BTL criteria. The increase to our maximum age and the reduced rental coverage are designed to improve our criteria, support landlords looking to purchase or remortgage and act on our broker feedback.
“Reducing the coverage ratio will help support landlords following cuts to BTL tax relief introduced by the government in 2017 which become fully implemented in the 20/21 tax year.”
To find out more about the range of mortgages available at Teachers Building Society, call 0800 378 669 or visit our website.