The Melton introduces 130% ICR for buy-to-let remortgages

The Melton has introduced an interest coverage ratio of 130% against a stressed interest rate of 5.5% for pound-for-pound buy-to-let remortgages. The

The Melton has introduced an interest coverage ratio of 130% against a stressed interest rate of 5.5% for pound-for-pound buy-to-let remortgages.

The change applies to its business buy-to-let range for individuals, though the society will only lend to landlords with a portfolio of up to three properties.

Nicola Alvarez, director of sales and marketing, the Melton, said: “We have long experience of this type of finance and this enhancement reaffirms our support for the buy to let market.”

The society considers a total borrowing of £500,000 and a maximum loan-to-value of 75% (60% for holiday lets).

Before the change this was only available to landlords looking to secure a remortgage with no additional funding.

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The summit featured presentations from Nick Erskine, head of intermediary sales at AIG Life, Charlie Carrick, head of global markets at Lime Holdings, Mark Graves, sales director at Sesame Bankhall Group and Nick Rendle, marketing actuary at SCOR.

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