The Melton introduces 130% ICR for buy-to-let remortgages

Ryan Bembridge

November 28, 2017

The Melton has introduced an interest coverage ratio of 130% against a stressed interest rate of 5.5% for pound-for-pound buy-to-let remortgages.

The change applies to its business buy-to-let range for individuals, though the society will only lend to landlords with a portfolio of up to three properties.

Nicola Alvarez, director of sales and marketing, the Melton, said: “We have long experience of this type of finance and this enhancement reaffirms our support for the buy to let market.”

The society considers a total borrowing of £500,000 and a maximum loan-to-value of 75% (60% for holiday lets).

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