Tipton & Coseley reduces ICRs

Mortgage Introducer

December 4, 2018

Tipton & Coseley Building Society has lowered its interest cover ratio to 125% for basic rate taxpayers and 130% for higher rate taxpayers.

Additionally, the society has reduced the minimum buy-to-let age on application from 25 to 21 years.

Cammy Amaira (pictured), director of sales and marketing, said: “Recent cuts to tax relief have made buy-to-let investing more challenging for new and experienced landlords.

“At the Tipton, we hope that these favourable changes to our stress rates for experienced landlords and a reduction in the minimum application age will help landlords regain momentum.”

The ICR change is for ‘experienced landlords’, defined as someone who currently holds or has held at least one buy-to-let property within the last 12 months.

Sign up to our daily email