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TODAY'S OTHER NEWS

Teachers BS increases maximum age on BTL and cuts standard coverage ratio

Teachers Building Society has made various changes to its buy-to-let criteria, including an increase in maximum age, while the society has also reduced its standard coverage ratio to 125%.

The maximum age at end of term has risen to 83, while the maximum mortgage term has increased to 40 years.

Additionally, the standard coverage ratio for lower rate tax payers reduced from 145% to 125% and the maximum LTV for remortgaging an existing buy-to-let has increased to 75%.

Andy Yates, business development manager at Teachers Building Society, commented: “In addition to the recent launch of our holiday let criteria, we have made some changes to our buy-to-let criteria.

“The increase to our maximum age and the reduced rental coverage are designed to improve our criteria, support landlords looking to purchase or remortgage and act on our broker feedback.

“Reducing the coverage ratio will help support landlords following cuts to buy-to-let tax relief introduced by the government in 2017 which become fully implemented in the 20/21 tax year.”

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