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.
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).
