Coventry for Intermediaries has reduced its buy-to-let stress rate.
The changes affect those looking to purchase, remortgage, and port their existing buy-to-let mortgage.
Like for like product transfers do not require a stress test.
Details include:
- Stress rate, for all customer types, on a 5+ year fixed rate – 5.5% or the product rate, whichever is higher.
- Stress rate, for pound for pound remortgages, on 2 and 3 year rates – 5.5% or the product rate +1.0%, whichever is higher
- Stress rate, for purchases, on 2 and 3 year rates – 7.0% or the product rate +2.0%, whichever is higher
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “We’ve recalibrated our buy-to-let stress rate to reflect current market conditions, which may be of particular help to those looking for a pound for pound remortgage.
“We’re committed to helping our intermediary partners look after their clients, and equally want to support the private rental sector to help provide homes for those choosing to rent.”