NatWest Intermediary Solutions has boosted procuration fees on its buy-to-let mortgage range and simplified its product offering.
It will now pay a standard procuration fee of 0.45% on completed cases, a rise of nearly 29% on its previous fee of 0.35%.
The lender, which will continue to target the amateur landlord market, has also reduced its rental cover requirement and introduced a single standard calculation.
It now offers a single rental cover affordability calculation of 125% x 5.25%.
NatWest has also simplified its proposition by introducing a new single policy to cover all buy-to-let borrowers and reducing the rental cover requirement.
Its buy-to-let mortgages all now have a single minimum annual income requirement of £25,000 for all eligible borrowers, who can take out a maximum of four buy-to-let mortgages.
The maximum loan size is £500,000 and the minimum property value is £50,000. Maximum LTV is 75%.
NatWest has also launched two new 60% LTV buy-to-let deals, a two-year fixed rate of 2.79% with a £1,995 product fee and a two-year tracker rate of 2.69% with a £1,995 fee.
Head of intermediary mortgages Graham Felstead said: ““We have actively engaged with the broker community and listened to their clients to better understand their collective buy-to-let requirements.
"We are confident that our enhanced offering – combining a lower rental cover requirement, higher proc fees and a more attractive product portfolio – will provide a compelling choice to intermediaries who serve the amateur landlord market.”
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