Newcastle BS refresh buy to let mortgage lending criteria.
Newcastle Building Society has refreshed the lending criteria for its buy to let mortgage range.
The maximum loan amount has been expanded to £500,000. In addition, irrespective of the repayment type, the rental stress is now determined on an interest only basis.
Buy to let mortgage applications with NBS are underwritten individually, which means that each case is assessed on its own merits. This less automated approach also means an increased level of personal attention and consideration by the lender, as opposed to some who can be less flexible in their underwriting.
If you are currently a landlord, or you are thinking of becoming one, Deal Direct can help you make sense of Newcastle’s range and compare it to others that are available on the wider market.
Our experienced mortgage advisors can help you to navigate a market that is currently awash with offers, and source the best possible deal as per your requirements.
Please be aware that we are regulated to offer independent mortgage advice; however, we are not regulated to offer general financial advice. If you want to discuss the suitability of property as an investment, you will need to contact and independent financial adviser.
Please note:
Buy to let mortgage applications from:
- applicants whose intention is to benefit from house price growth
- applicants whose intention is to benefit from rental income
- applicants who are letting to buy
will be treated as normal buy to let and not as a consumer buy to let. In addition, their subsequent remortgage applications will also be treated in the same manner.
For buy to let mortgage advice, call 0800 048 8828.
