Teachers BS raises maximum BTL age and mortgage term

Teachers Building Society has implemented changes to its BTL lending criteria.

The maximum age of a customer and the maximum term of a mortgage have both been increased.

The lender has extended the maximum age at completion from 75 to 83 while the maximum term for the range has been increased from 35 to 40 years.

Furthermore, Teachers BS has lowered its cover ratio for lower rate tax payers from 145 per cent to 125 per cent.

Teachers Building Society business development manager Andy Yates says: “In addition to the recent launch of our holiday let criteria, we have made some changes to our BTL criteria.

“The increase to our maximum age and the reduced rental coverage are designed to improve our criteria, support landlords looking to purchase or remortgage and act on our broker feedback.

“Reducing the coverage ratio will help support landlords following cuts to BTL tax relief introduced by the government in 2017, which become fully implemented in the 20/21 tax year.”

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