The Cambridge Building Society has re-introduced top slicing on its standard buy to let range up to 80% LTV.
This announcement from The Cambridge enables experienced landlords who have a shortfall on their required lending, to use a percentage of their earned income when the buy to let property rental income is insufficient.
In addition, in cases where a five- year fixed rate is chosen, the payrate is used in the rental calculation together with a rental coverage ratio of 140%.
First time landlords will also be considered, and this feature has now been expanded to BTL ex-pat’s, who have a residential property but want to buy their first buy to let or holiday let.
All countries and currencies can be considered, up to 75% loan to value, providing the country is not on the UK Government Financial Sanctions list.
Cambridge’s intermediary manager Kathy Bowes said: “We continue to listen to our intermediary partners and understand the difficulties that can occur in trying to find a suitable lender to submit a buy to let case with. We hope that these criteria enhancements will help to offer more choice within the buy to let marketplace”.
