NatWest Intermediary Solutions is changing its buy-to-let criteria to significantly widen the appeal of its mortgages to brokers and their customers.
NatWest has been targeting non-professional landlords but will now lift restrictions to allow professional landlords to apply for its buy-to-let mortgages as well.
It will consider applications from customers who earn more than 30% of their income from rental properties and has removed the maximum loan limit of £500,000
The new criteria will only apply to new cases that have been submitted from tomorrow onwards.
All other criteria remain the same and the rental cover calculation remains at 125%.
Paul Kane, acting head of sales, NatWest Intermediary Solutions said: “The introduction of our new criteria means that we can now welcome applications from ‘professional’ landlords which is something that many brokers have been crying out for.
“The buy-to-let mortgage market has grown significantly over the last six years from accounting for 5% of all UK gross lending in 2009 to 15% in 2015.
“It is the fastest growing segment of the mortgage market in the UK.
“The changes we are introducing, combined with the recent rate cuts we made across our portfolio, mean we have a really strong proposition for mortgage intermediaries who are serious about this market.”
