Precise Mortgages has lowered its interest cover ratio assessments and stress rates for landlords.
The specialist lender says it has simplified its minimum interest cover ratio rules for personal ownership applications, and improved how it assesses buy-to-let affordability on short-term fixed-rate and variable-rate trackers.
It adds its changes will in “particular interest those who are higher rate and additional rate taxpayers”.
Highlights of the firm’s changes, which is part of home loan firm OSB Group, include:
OSB group intermediary director Adrian Moloney says: “These changes offer brokers increased affordability options at a time when their clients may be struggling to find suitable financial solutions.
“The interest cover ratio simplification will allow higher and additional rate landlords to access loan amounts which may have been out of reach, whilst our improved assessment rates will benefit limited companies through boosted finance opportunities and a wider choice of product options, which could support portfolio growth.”
