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West Brom offers 100% rental cover

West Brom for Intermediaries has reduced the standalone rental cover requirement on its buy-to-let product range from 120% to 100%.

The standalone calculation specifies that monthly rental must cover 100% of the monthly payment at a notional rate of Bank Base Rate plus 1%, on an interest only basis.

Any rental shortfall can be topped-up using the applicants earned income.

The reduced rental cover calculation is available to expatriates and for student lets, subject to a single Assured Tenancy Shorthold agreement being in place.

There are no minimum income requirements on any buy-to-let products and all tracker rates are free from early repayment charges.

Paul Marland, area general manager for intermediary sales at West Brom, says: “The reduced rental cover is available immediately and will appeal to landlords with reduced rental yields.

“This enhancement has been welcomed by brokers and landlords and has significantly strengthened our buy-to-let product proposition.”

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