The Cambridge launch Top Slicing for Buy to Let with L&G Mortgage Club

6 March 2018 • Products & Services • Corporate

The Cambridge Building Society has announced that it will be offering Top Slicing on Buy to Let mortgages exclusively through Legal & General Mortgage Club.


This is the latest in a series of moves by the lender designed to support landlords in a climate which is becoming even more challenging following tax and affordability changes – recent reporting from IMLA shows that net investment in Buy to Let dropped by 80% over the 2 years from 2015.

Top Slicing will directly benefit those landlords with up to 3 mortgaged properties whose rental income would fall short of the required interest coverage ratio (ICR), but do have excess disposable income to top up any shortfall. 


Tracy Simpson, Head of Lending at The Cambridge said: “We’re delighted to be able to work with Legal & General Mortgage Club to offer Top Slicing to their members. We’re always seeking to make things easier for our customers, and this is just one of the ways we’ve been able to show our commitment to supporting landlords. It’s another great example of how our individual underwriting allows us to deliver solutions which take each customer’s circumstances into account.”


Alongside offering Top Slicing across the range, The Cambridge have also launched a new 3 Year Fixed Rate Buy to Let product exclusive to L&G Mortgage Club members.  With a rate of 2.49%, this product includes free legals and valuations for remortgages and is available now for loans of up to £750,000 with a 75% max LTV.


Danny Belton, Head of Lender Relationships, L&G Mortgage Club commented: “It is great to work with lenders, such as The Cambridge, who listen to the concerns of the market, and improve their propositions to meet the needs of both Brokers and Customers. There is a strong demand for Top Slicing in the Buy to Let market, and in addition our members can also take advantage of this great exclusive product.”


Other recent criteria enhancements from The Cambridge which benefit Buy to Let landlords have included offering an ICR of 125% on like for like BTL remortgages, a stress rate of 4.49% on their 5yr BTL Fixed Rate mortgage and having no upper age limit across their mortgage range.