The Cambridge Building Society has announced a new change to the stress rates for its buy-to-let (BTL) mortgages.
According to the lender, this will “better reflect market conditions” and is in response to intermediary feedback.
Cambridge’s new rates are a five-year fixed rate with a stress rate at the payrate and 2% above pay rate for a two-year fixed or discounted rate. Gross rental income from the security property must be at least 140% of the required mortgage payment when calculated at the relevant stress rate.
The new rates are also for all mortgage types, whether purchase, remortgage or further advance, with a minimum income of £25,000. Cambridge has a comprehensive BTL range which includes products that cover the ex-pat and holiday let markets.
Intermediary manager at the society, Kathy Bowes, commented: “We hope that these changes to our BTL stress rates will provide our intermediaries with more choice for their clients and support those landlords looking to refinance or purchase a BTL property.”
Latest News
-
Inflation remains at 3.8% in August
-
UK house price growth slows to 2.8% in July – ONS
-
Third of UK adults relying on inheritance to fund retirement
-
Govt has failed to act on lifetime ISA recommendations – Treasury Committee
-
Becketts acquires Swallow Financial Planning
-
‘Fear of rejection’ biggest barrier for one in three aspiring buyers
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories