Teachers improves BTL criteria
The rental calculation has been changed to 125% of the mortgage payment at 4.99% (previously 125% at 5.74%). Also, the restriction on the maximum number of mortgaged properties in a landlord’s portfolio has been extended to eight from three, with the society happy to lend on up to three per landlord.
The Dorset-based mutual has also made a reduction to minimum earned income requirements for buy-to-let products to just £15,000 per annum.
Earlier this year, Teachers Building Society extended its buy-to-let offering by launching a 2.99% 2 year discounted variable rate deal and the arrangement fee for this product has been reduced to £1,899 from £2,399.
Colin Dorman, national account manager at Teachers Building Society, said: “We have two competitive buy-to-let deals available to education professionals in mainland UK and all buyers in Dorset. I’m confident that these deals provide good value and realistic criteria which, alongside the excellent level of service we provide, offer a good solution to intermediaries.”
The society announced earlier this year that its lending in 2012 almost doubled year on year, with intermediaries now providing half of new business. It re-entered the broker market in May 2011.