NatWest Intermediary Solutions has revised its buy to let criteria, widening the appeal of its buy to let mortgages to include professional landlords
Previously the bank had been targeting non-professional landlords (i.e. landlords where property investment is not their full-time occupation) but it has now lifted restrictions and welcomes applications from customers who derive more than 30% of their income from rental properties. Its maximum loan limit of £500,000 has also been removed.
These new criteria will only apply to new cases submitted from 11 September 2015 onwards and all other criteria remain the same.
Paul Kane, acting head of sales at NatWest Intermediary Solutions said:
“Over the last 18 months we have made improvements to our buy-to-let offering to grow our presence in this sector. Having enjoyed great success and increased our lending, we are now confident that we can significantly grow our buy-to-let business into areas of the market that previously we have not operated in. The introduction of our new criteria means that we can now welcome applications from professional landlords, which is something that many brokers have been crying out for.
“The buy-to-let mortgage market has grown significantly over the last six years from accounting for 5 per cent of all UK gross lending in 2009 to 15 per cent in 2015. It is the fastest growing segment of the mortgage market in the UK. The changes we are introducing, combined with the recent rate cuts we made across our portfolio, mean we have a really strong proposition for mortgage intermediaries who are serious about this market.”