NatWest removes minimum income threshold amid BTL changes
NatWest have today announced that small portfolio landlords or those applying for a like-for-like remortgage will be able to apply for additional buy-to-let borrowing with no proof of income required on submission and reduced underwriting.
Effective immediately, new and existing landlords will be able to apply for additional borrowing with the lender for any legal purpose other than gambling; business purpose (i.e. start up for a new business); or unsecured debt consolidation.
These changes follow on from the launch of NatWest's new simplified indication calculators, which could benefit customers looking to remortgage like-for-like with NatWest, and a lower stress rate of 4.5% for 5-year products and like-for-like remortgages.
The minimum income threshold for landlords has been removed and for small landlords and like-for-like remortgage cases, the application will proceed through a reduced underwriting process.
Luke Christodoulides, head of corporate accounts:
“We’re pleased to further support the buy-to-let market and help customers with their additional borrowing needs. These changes follow on from the simplifications we made to our buy-to-let proposition earlier this year and show our commitment to this important market sector.”
