Coventry issuing larger buy-to-let mortgages with improved stress calculation
Coventry for Intermediaries has significantly improved its buy-to-let stress test calculation increasing the amount many landlords can borrow.
Landlords purchasing, remortgaging, or porting a mortgage will benefit from Coventry's new stress rate of 5.5% when they take a five-year fix.
As a result of the changes if a buy-to-let property generated £2,000 rental income each month, they could borrow up to £311,000 with a five-year fix. With a shorter-term fixed or variable rate this is likely to be closer to £236,000.
Aaron Strutt, product director at Trinity Financial, says: "The buy-to-let mortgage market has taken a real hammering recently but we are starting to see some positive changes.
"More of the lenders are improving their stress test calculations as they look to boost the buy-to-let market."
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The information contained within this article was correct at the time of publication but is subject to change.
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