Effective immediately, new and existing landlords will be able to apply for additional borrowing with the lender for any legal purpose other than gambling; business purpose (i.e. start up for a new business); or unsecured debt consolidation.
These changes follow on from the launch of NatWest's new simplified indication calculators, which could benefit customers looking to remortgage like-for-like with NatWest, and a lower stress rate of 4.5% for 5-year products and like-for-like remortgages.
The minimum income threshold for landlords has been removed and for small landlords and like-for-like remortgage cases, the application will proceed through a reduced underwriting process.
Luke Christodoulides, head of corporate accounts:
“We’re pleased to further support the buy-to-let market and help customers with their additional borrowing needs. These changes follow on from the simplifications we made to our buy-to-let proposition earlier this year and show our commitment to this important market sector.”
