BTL rental calculation raised at TSB

Following Newcastle BS, Barclays, and Foundation Home Loans, TSB has announced today that it has increased its BTL rental coverage ratio by 20% to 145%.

Related topics:  Landlords
Warren Lewis
28th June 2016
TSB 2

For LTVs up to 65% the rental cover calculation will be 145% or 5% of the pay rate, whichever is higher. For LTVs between 65.01% and 75% LTV the calculation will be 145% or 5.5% of pay rate.

The change will also apply to residential mortgages where the borrower also has a buy-to-let loan.

The lender advised that any applications submitted before 8pm on Wednesday 29 June will not be impacted.

Roland McCormack, TSB intermediary director, had this to say: “Today’s change will bring TSB in-line with other lenders in the market. We will continue to work with brokers, through our award-winning service, to best guide landlords through this change.”

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