Newcastle Intermediaries has removed the minimum income criteria on its buy-to-let (BTL) mortgage products.
The lender indicated that the move is an effort to “broaden its appeal” with landlords who have lower or non-traditional incomes.
From 4 May, borrowers no longer need to meet the £25,000 per annum or £30,000 joint minimum income requirement on Newcastle Intermediaries’ BTL mortgage products, with affordability instead being assessed on the Interest Coverage Ratio (ICR).
Newcastle Intermediaries suggested this removal of the BTL minimum income requirement and assessment of affordability via ICR tests will broaden the options available to landlords in the BTL market.
Earlier this year, Newcastle Intermediaries integrated with Legal & General’s mortgage criteria support service, SmartrFit. Launching onto the SmartrFit platform has enabled the lender to provide more accurate data to brokers, including criteria and products on its BTL product range.
Legal & General head of lender relationships, Danny Belton, said: “It’s encouraging to see Newcastle Intermediaries take a common-sense approach to lending and ease the barrier to entry for BTL borrowers through the removal of its minimum income requirements. This will prove a welcome change for customers who will now benefit from a simplified mortgage application process.”
Newcastle Building Society chief customer officer, Stuart Miller, added: “With the primary driver for affordability being rent generated on the property itself, additional affordability assessments such as having the minimum income criteria in place can prove unnecessary.
“Removing this requirement not only underlines our commitment to the BTL market by ensuring we continue to deliver a competitive and flexible offering, but also helps to broaden the accessibility of Newcastle Intermediaries’ proposition to brokers and their clients.”
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