Family Building Society has improved its buy-to-let affordability assessment, resulting in additional borrowing of up to 35%.
This will typically result in a 15% improvement in borrowing power for capital raising applications and a 35% improvement on pound-for-pound remortgage cases.
For applications on products that are fixed for five years or more, there has been no change and these will continue to be assessed at pay rate.
In addition, Family building Society has also launched a new interest-only expat buy-to-let two-year fixed mortgage at 75% LTV, available for purchase and remortgage at 4.69% plus 2% product fee.
Darren Deacon, head of intermediary sales, commented: “This significant improvement in our affordability assessment calculations, alongside the launch of our new two-year expat buy-to-let product is proof of our continued support to landlords both here and abroad.
“We are providing more borrowing power to landlords as they continue to face cost pressures in an uncertain market, is exactly what the market and intermediaries need right now.”
