Teachers improves buy-to-let criteria
Available to teachers and education professionals in England, Scotland and Wales and also to anyone buying or remortgaging property in Dorset, the buy-to-let loan is now calculated on the basis of rental income being a minimum of 125% of the mortgage payment calculated at 5.74%.
Alan Gravett, head of strategy, marketing and business development at Teachers, said: “Intermediaries are a very important part of our business and we listen to their comments and suggestions to make sure we’re doing all we can to provide a competitive product range.
“We took on board the feedback that our loan calculation for buy-to-let wasn’t up to scratch and have changed our requirement accordingly.
“Introduced mortgage business now accounts for at least half of our new lending activity and we’re very pleased that our new lending almost doubled last year and look forward to this growth continuing steadily while we continue to build valuable relationships with our broker partners.”
The buy-to-let deal on offer is a 2-year discounted variable rate at 3.49% with an arrangement fee of £1,499 and an application fee of £99.