newcastle intermediaries

Newcastle Intermediaries removes minimum income requirement for BTL

Newcastle Intermediaries has removed the minimum income criteria on its BTL mortgage products to make its range available to more landlords with lower or non-traditional incomes.

Borrowers no longer need to meet the £25,000 per annum minimum income requirement, with affordability instead being assessed on ICR.

Clients must be in receipt of an employed, self-employed or pension income.

Stuart Miller, chief customer officer at Newcastle Building Society, said: “With the primary driver for affordability being rent generated on the property itself, additional affordability assessments, such as having the minimum income criteria in place, can prove unnecessary.  

“Removing this requirement not only underlines our commitment to the BTL market by ensuring we continue to deliver a competitive and flexible offering, but also helps to broaden the accessibility of Newcastle Intermediaries’ proposition to brokers and their clients.”

Danny Belton, head of lender relationships at Legal & General, added: “It’s encouraging to see Newcastle Intermediaries take a common-sense approach to lending and ease the barrier to entry for BTL borrowers through the removal of its minimum income requirements. 

“This will prove a welcome change for customers who will now benefit from a simplified mortgage application process.”

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