10 November 2016
From 1st December, Family Building Society’s Buy to let product range will be underwritten differently to how they are currently under National Counties. This change is following the publication of the PRA's Supervisory Statement regarding underwriting of BTL loans rather than as a consequence of their rebrand.
Family Building Society therefore wanted to let you know that from 1 December, They will calculate borrowing on BTL cases as follows:
Remortgage applications where no new borrowing is being taken
* Calculated on their Residential Investment Managed Mortgage Rate (MMR)
Purchase applications or remortgages where extra funds are being taken
The loan amount is assessed on the basis that the monthly rent must be equal to or exceed 145% of the interest payable per month calculated at the higher of:
This is in line with the rest of the market and doesn't affect the range of products they have on offer, which includes their expat lending.
Please note that they are now adopting this new approach for their pipeline business.
If you have any questions contact their Mortgage Desk on:
Telephone: 01372 744155 Email: email@example.com