NatWest has implemented changes in order simplify and enhance its buy-to-let (BTL) proposition, and support more BTL customers.
The lender has changed the way it assesses affordability and how much a customer can borrow, and has also made it easier for a BTL remortgage customer to make a like-for-like application.
These changes include two simplified indication calculators, one for small landlords and like-for-like remortgages, and the other for portfolio landlords and first-time buyer BTLs.
In addition, NatWest has introduced a lower stress rate of 4.5% for 5-year products and like-for-like remortgages, with two maximum lend options shown on the calculator.
For small landlords and like-for-like applications, brokers can select the client’s tax band for assessment, no proof of income is required on the submission, and the application will proceed through a reduced underwriting process.
NatWest has removed the loan-to-income (LTI) cap for small landlord and like-for-like applications, meaning the maximum lend will be based on the subject property’s rental and the clients tax band.
Luke Christodoulides, head of corporate accounts at NatWest Intermediary Solutions, said: “We have been working hard to simplify our buy-to-let approach and have listened to feedback from brokers and our staff on where we could improve.
“I’m delighted we’re making these improvements to our proposition and believe this underlines our support to the buy-to-let market.”