The Cambridge Building Society has announced a new change to the stress rates for its buy-to-let (BTL) mortgages.
According to the lender, this will “better reflect market conditions” and is in response to intermediary feedback.
Cambridge’s new rates are a five-year fixed rate with a stress rate at the payrate and 2% above pay rate for a two-year fixed or discounted rate. Gross rental income from the security property must be at least 140% of the required mortgage payment when calculated at the relevant stress rate.
The new rates are also for all mortgage types, whether purchase, remortgage or further advance, with a minimum income of £25,000. Cambridge has a comprehensive BTL range which includes products that cover the ex-pat and holiday let markets.
Intermediary manager at the society, Kathy Bowes, commented: “We hope that these changes to our BTL stress rates will provide our intermediaries with more choice for their clients and support those landlords looking to refinance or purchase a BTL property.”
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