NatWest Intermediary Solutions has made a change to its buy-to-let criteria.
It will now consider buy-to-let mortgage applications where a selective licensing scheme is in place in the location where the property is situated, provided there are no issues highlighted by the valuer. These schemes are implemented independently by each local authority to deal with specific properties in the private rented sector.
On 14 July, it will be introducing relatively small increases in rates, of between 4bps to 12bps, on a number of its lower LTV residential deals.
Paul Kane, acting head of sales at NatWest Intermediary Solutions, said: “Selective licensing has been an issue for brokers in specific parts of the country where they have been introduced by local authorities. With the expectation that the number of schemes will increase over the coming months and years, I am pleased that we are now able to accept applications from buy-to-let investors who want to buy a property in an area where they require a selective licence.
“The mortgage marketplace is currently a very dynamic one thanks to the buoyancy of the sector. Having reviewed our portfolio, we are making rate changes to maintain the correct balance of business we receive. We have been very busy in the last few months thanks to the popularity of our products and look forward to an equally busy second half of the year.”
Here is a summary of the rate changes:
Residential – purchase and remortgage:
Two-year fixed rate deals:
£0 product fee:
60% LTV increasing by 5bps from 2.29% to 2.34%
70% LTV increasing by 5bps from 2.34% to 2.39%
75% LTV increasing by 9bps from 2.42% to 2.51%
Five-year fixed rate deals:
£995 product fee:
60% LTV increasing by 4bps from 2.19% to 2.23%
£0 product fee:
60% LTV increasing by 12bps from 2.78% to 2.90%
Two-year tracker deals:
£0 product fee:
60% LTV increasing by 5bps from 2.19% to 2.24%
70% LTV increasing by 5bps from 2.24% to 2.29%
75% LTV increasing by 9bps from 2.32% to 2.41%
