RBS policy changes for Buy to Let – 4 to 10 properties

by Property 118

A month ago

RBS policy changes for Buy to Let – 4 to 10 properties

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RBS policy changes for Buy to Let – 4 to 10 properties

This week, RBS have introduce policy changes to their Buy to Let lending criteria representing the final phase of changes post PRA rules introduced last year regarding portfolio landlord (4 or more rental properties) affordability underwriting.

RBS have increased the total number of Buy to Let properties they will allow a landlord customer to own from 4 to 10. The total will include unencumbered properties and properties mortgaged with them and other lenders.

The maximum aggregate customer borrowing allowed has been increased to £3.5m, up from £2m.

The current £50,000 minimum income for aggregated borrowing over £1m will be removed. All customers will be required to meet the standard Buy to Let minimum income of £25,000.

BTL 2 year fixed rates start at 1.84% with a £995 product fee for 60% Loan to Value and 5 year fixed products start from 2.28% for the same terms.

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Tenants should be held accountable for criminal damage