MEX revises criteria for experienced landlords

Mortgage Express has extended its buy-to-let lending criteria to offer en-hanced LTVs to landlords with one year’s experienceIn addition to MEX’s core criteria of up to 85% LTV with 125% rental cover, landlords who have been in the market for a year will have a choice of up to 85% LTV at 110% rental cover or 90% LTV at 125% rental cover.

Gus Park, director of intermediary sales at MEX, says: “This is a significant improvement to our range. The 110% option will be particularly attractive to investors and brokers. We will only offer these deals to landlords who have experience of a year or more in the buy-to-let market.

“We believe that people taking out their first buy-to-let deals should have a bigger safety net, but an increasing number of landlords have significant experience and understand the costs and risks associated with letting out properties. They can operate within tighter tolerances.”