Natwest updates its Buy To Let criteria

Screenshot 2015-07-20 17.32.50NatWest Intermediary Solutions has announced that as of tomorrow it will be introducing small increases in rates, of between 4bps to 12bps, on a number of its lower LTV residential deals as well as updating its BTL criteria.

2 year fixed rate deals at 60% LTV are increasing from 2.29% to 2.34%, at 70% LTV from 2.34% to 2.39%, and from 2.42% to 2.51% up to 75% LTV.

5 year fixed rate deals are increasing from 2.19% to 2.23% at 60% LTV with a £995 product fee, and from 2.78% to 2.90% with no product fee.

2 year tracker deals are now 2.24% at 60% LTV, 2.29% at 70% LTV and 2.41% at 75% LTV, all with no product fee.

Paul Kane, Acting Head of Sales, NatWest Intermediary Solutions said: “The mortgage marketplace is currently a very dynamic one thanks to the buoyancy of the sector. Having reviewed our portfolio, we are making rate changes to maintain the correct balance of business we receive. We have been very busy in the last few months thanks to the popularity of our products and look forward to an equally busy second half of the year.”

NatWest Intermediary has also made a change to its buy-to-let criteria. It will now consider buy-to-let mortgage applications where a selective licensing scheme is in place in the location where the property is situated, provided there are no issues highlighted by the valuer. These schemes are implemented independently by each local authority to deal with specific properties in the private rented sector.

Paul Kane added: “Selective licensing has been an issue for brokers in specific parts of the country where they have been introduced by local authorities. With the expectation that the number of schemes will increase over the coming months and years, I am pleased that we are now able to accept applications from buy-to-let investors who want to buy a property in an area where they require a selective licence.”