Skipton International has amended its mortgage criteria to enable borrowers to potentially borrow more against their buy-to-let property investments.
Skipton, which provides buy-to-let mortgages to British expats and foreign nationals to acquire property in England, Wales and the Scottish mainland, is now offering a reduced interest coverage ratio of 110%, as opposed to the standard 125%, to customers earning £100,000-plus annually and looking to borrow more than £500,000.
To qualify, the borrower’s sole income, or main earner if its a joint application, must be equivalent to at least £100,000 and the mortgage must be for at least £500,000.
Roger Hughes, Skipton International’s business development manager, commented: “We are always looking at opportunities to develop our mortgage proposition and make it more attractive.
“This change will allow high net worth individual’s to borrow more funds to either purchase a new property or remortgage an existing one.”