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Tipton & Coseley BS enhances BTL lending criteria

Tipton and Coseley Building Society has announced enhancements to its buy-to-let product criteria.

The society says the move is part of Tipton’s ongoing commitment to supporting landlords, following cuts to buy-to-let tax relief introduced by the government in 2017.

Tipton has reduced its interest cover ratio calculation for experienced landlords for both basic and higher rate taxpayers. The required rental cover has been reduced to 125 per cent and 130 per cent respectively.

An experienced landlord is defined as someone who currently holds, or has held, at least one buy-to-let property within the past 12 months.

Tipton is also reducing its minimum age on application from 25 to 21-years-old on all of its buy-to-let products.

Tipton and Coseley Building Society director of sales and marketing Cammy Amaira (pictured) says: “Recent cuts to tax relief have made buy-to-let investing more challenging for new and experienced landlords. At the Tipton, we hope that these favourable changes to our stress rates for experienced landlords and a reduction in the minimum application age will help landlords regain momentum.”

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