Furness BS scraps ICR for buy to let

The lender has also introduced some changes to its Buy to Let criteria and has confirmed it will be assessing Buy to Let cases on overall affordability and has launched an online calculator to help brokers when submitting cases.
 
The range includes both discount and fixed rate products. 
 
The 2 year discounted variable rate products include a 1.80% rate (up to 60% LTV) and a 1.99% rate (up to 75% LTV).  Both carry a fee of £1,495.
 

The 3 year fixed rate products include a 2.05% rate (up to 60% LTV) and a 2.85% rate (up to 75% LTV).  Both fixed rate products carry a fee of £2,145.  
The Furness is very much committed to supporting the Buy to Let market and its range of products supports a large number of markets including consumer, regulated and unregulated areas. 
 
Barry Fitzsimmons, Head of Intermediary Distribution says: 

“We are absolutely committed to supporting our intermediary partners and we recognise the need for competitive fixed rate products in the Buy to Let sector. 
 
"To further support brokers we have updated our website with new criteria and brokers will be pleased that we will not be applying an Interest Coverage Calculation when assessing a new buy to let case, although the gross anticipated rent should be at least 125% of the interest charges at the initial pay rate. The Society will use overall affordability to assess each case and we firmly believe these changes, including the introduction of the calculator, show our commitment to lending in this segment of the market.”