Bluestone launches interest-only buy-to-let

Home-House-Paper-Chain-700x450.jpg

Bluestone Mortgages has today introduced an interest-only buy-to-let option.

The lender says it is targetting customers who want lower monthly costs.

The new loans will be available for customers on Bluestone’s ‘Clear’ or ‘AAA’ products with a maximum LTV of 80 per cent.

Top slicing with income will be available on all interest-only buy-to-lets, with a minimum rental income of 112 per cent interest coverage ratio.

The ICR for basic rate taxpayers is 125 per cent, and 140 per cent for higher rate taxpayers.

All products can be underwritten using income and expenditure where the ICR minimum is not achieved.

The interest only product will also be made available to first-time buyers & first-time landlords. However, these groups will need a full income and expenditure calculation completed on a capital and interest basis.

Bluestone Mortgages director of sales and marketing Steve Seal says: “As a specialist lender, we are committed to providing suitable finance solutions to those who are currently underserved, or who have been excluded by mainstream lenders.”

Recommended

Furness BS added to Buy to Let Club panel

Buy to Let Club has added Furness Building Society to its panel of lenders. The club points out that Furness is viewed as a flexible lender by intermediaries, because of the way it focuses on affordability when assessing buy-to-let cases. Buy to Let Club managing director Ying Tan says the “flexible and individual approach” to […]

Charcol’s Elliott joins The Buy to Let Business management team

The Buy to Let Business has appointed Paul Elliott to its management team. Elliott (pictured) has worked in the mortgage industry for 18 years, most recently as head of specialist lending at John Charcol. His title at The Buy to Let Business will be ‘mortgage manager.’ At Charcol, Elliott was involved in the development of the […]

Thumbnail

Employer iPMI responsibilities could continue to escalate, says Jelf

New laws in Dubai will put the burden of providing international private medical insurance (iPMI) firmly on the shoulders of the employer in order to maintain the country’s leading healthcare facilities. With 10,000 UK nationals having moved to the country since 2007 and only 16.5 per cent of the total 8.2 million people living there being Emiratis, Jelf Employee Benefits believes this move was inevitable and employer responsibilities could continue to escalate in future.

Newsletter

News and expert analysis straight to your inbox

Sign up