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The Melton has launched a new pound-for-pound remortgage product for business buy to let customers only with a lower interest coverage ratio of 130% of the monthly mortgage interest payment. This product is calculated on an interest only basis using a stressed interest rate of 5.5%.
The Melton considers lending to landlords with a portfolio of up to three properties. This new product further enhances the Melton’s buy to let proposition which includes Consumer Buy to Let, Business Buy to Let, Holiday Buy to Let and Regulated Family Buy to Let. The Society considers a total borrowing of £500,000 and a maximum loan to value of 75% (60% for Holiday Lets).