The Teachers Building Society has changed its buy-to-let criteria, including amendments to maximum age and coverage ratio.
New changes include the following:
- Increase in maximum age at end of term to 83
- Increase maximum term of mortgage to 40 years
- Standard buy-to-let: Coverage ratio for lower rate tax payers reduced from 145% to 125%
- Increase LTV for remortgage of existing buy-to-let to 75%
Andy Yates, business development manager at the Teachers Building Society, said: “In addition to the recent launch of our holiday let criteria, we have made some changes to our buy-to-let criteria.
“The increase to our maximum age and the reduced rental coverage are designed to improve our criteria, support landlords looking to purchase or remortgage and act on our broker feedback.
“Reducing the coverage ratio will help support landlords following cuts to buy-to-let tax relief introduced by the government in 2017 which become fully implemented in the 20/21 tax year.”