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The Melton reaffirms its ‘support for the buy-to-let market’

An interest coverage ratio of 130% against a stressed interest rate of 5.5% for pound-for-pound buy-to-let remortgages has been introduced by the Melton, as part of its ongoing commitment to the buy-to-let market.

The change applies to its business buy-to-let range for individuals, but it is worth pointing out that the society will only lend to landlords with a portfolio of a maximum three properties.

The society will lend up to £500,000 at up to 75% loan-to-value.

Nicola Alvarez, director of sales and marketing, the Melton, commented: “We have long experience of this type of finance and this enhancement reaffirms our support for the buy to let market.”

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