NatWest Intermediary Solutions is introducing a new single policy to cover all buy-to-let borrowers and reducing the rental cover requirement.
It is also increasing the procuration fees it pays on completed buy-to-let cases.
NatWest Intermediary Solutions says it will continue to target the ‘amateur landlord’ market with its new policy which features:
- single rental cover affordability calculation of 125% x 5.25%
- single minimum annual income requirement of £25,000 for all eligible borrowers
- maximum of four buy-to-let mortgages per individual borrower
The new proc fee level will be a standard 0.45% on completed cases.
NatWest is also refreshing its buy-to-let portfolio with two new 60% LTV deals – a 2-year fixed rate of 2.79% with a £1,995 product fee and a 2-year tracker rate of 2.69% with a £1,995 product fee.
Graham Felstead, head of intermediary mortgages at NatWest Intermediary Solutions, said: “We have increased our lending in the residential market this year and now want to focus on helping more landlords with their mortgage needs. We believe that the private rented sector plays a vitally important role in the UK housing market, offering flexibility for millions of people that prefer renting as an option or want to rent whilst they save for a deposit to buy a place of their own.
“We have actively engaged with the broker community and listened to their clients to better understand their collective buy-to-let requirements. We are confident that our enhanced offering – combining a lower rental cover requirement, higher proc fees and a more attractive product portfolio – will provide a compelling choice to intermediaries who serve the amateur landlord market.”