Great news for your landlord clients ‑ no minimum income requirement!
At Newcastle Intermediaries, we are committed to developing our Buy to Let proposition to support your clients who require increased loan sizes and LTVs, as well as enhanced affordability options. Recently we: increased LTVs to 80% (75% for New Build flats); increased the maximum loan on an individual property to £1m; and introduced a split tax approach for affordability for lower and higher rate tax payers.
To further support your landlord clients with lower or non-traditional incomes, we have now also removed the minimum income criteria. This means borrowers no longer need to meet the £25k pa (£30k joint) minimum income requirement, with affordability assessed on the Interest Coverage Ratio (ICR).
Stuart Miller, our Chief Customer Officer, said: "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."
Our Buy to Let mortgage proposition
We have created a couple of resources to highlight how our Buy to Let proposition can help you support your landlord clients. Watch the short video from our London Business Development Manager (BDM), Rebecca Roberts and download our Buy to Let infographic below.
Watch now > Download infographic >
Could our Buy to Let mortgages help one of your clients? Get in touch with your Newcastle BDM if you have any questions, or would like to discuss a case.
Contact us
Talk to your dedicated Business Development Manager or contact your Intermediary Support Team at Intermediary.lending@newcastle.co.uk or 0345 602 2338.