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TODAY'S OTHER NEWS

NatWest unveils new buy-to-let criteria

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

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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.”

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