Buy-to-let lender, Zephyr Homeloans, has announced a significant reduction to a range of its interest coverage ratios (ICR).
For houses in multiple occupation, multi-unit freehold blocks and flats above a commercial property, Zephyr revealed it has reduced its ICR from 155% down to 135% for limited companies, and to 150% for individuals.
The lender announced it has also reduced its ICRs for new-build properties.
Zephyr managing director, Paul Fryers, commented: “Zephyr’s new ICRs help landlords and property investors to borrow more than they could do previously – and benefit our intermediary partners by simplifying our criteria.
“The change further cements our position as one of the more competitive lenders available to UK landlords and demonstrates our commitment to the buy-to-let market.”
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